Best Affordable Property Insurance for Multi While being Rehabbed
Hi BP friends,
I am currently about to take possession of a 7 unit property that we are going to Brrrr. I am looking for recommendations on affordable property insurance for multis while being rehabbed. Any one that has gone through a Brrrr in NJ before that insured their properties, please let me know who you used to insure your property with?
@Yonia B. A few questions to determine if you will fit into a traditional Builders Risk policy or Landlord policy with an endorsement to cover the renovations.
Will the property be more than 70% occupied while you turn over the units?
Will you be doing any structural work, or complete overhaul of the mechanical systems?
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Happy to connect you with my insurance broker
@Jason Bott Hi Jason, the property will be completely empty of any tenants living there while rehab is taking place. As far as mechanical systems, yes, I would say it's going to be a complete overhaul since we are re doing new electrical, hvac, plumbing etc.
@Yonia B. You would go with a traditional Builders Risk policy for this project. There are several commercial insurance carriers who handle these larger projects. I'll send you the list of carriers we use.
@Jason Bott great, please do, I would appreciate that. Thank you!
@Eliott Elias Hi Eliot, that would be much appreciated. Please dm me the info on your insurance broker. Thank you!
Quote from @Yonia B.:
@Jason Bott great, please do, I would appreciate that. Thank you!
Yonia, already sent:)
@Jason Bott Hi, never did get that list. Did you dm me the info?
Quote from @Yonia B.:
@Jason Bott Hi, never did get that list. Did you dm me the info?
Yonia, I'll try again. I'll also leave you a voicemail.