Insurance Quotes on MFR Rentals

[Pete Perez]

Hello BP!

I am getting closer to moving to Washington in a few months. I have spent the last few months getting familiar with areas and prices. Likely will end up in the Tacoma area. I am planning on house hacking a duplex, and am evaluating deals as if they were investments to make sure they will cash flow when I eventually move out. 

I have a question regarding Insurance Quotes on MFR rentals. I built an analysis spreadsheet, and am curious how I can get a ballpark estimate for the insurance policy I'll need. I plan on evaluating a high volume number of deals before purchasing, but I'd like to make sure I have a realistic number for insurance.

Any feedback is really appreciated. 

Thanks everyone,

Pete

[Allen Fletcher]

@Pete Perez

The best way to get a rough estimate is to call up a couple of insurance companies and ask them. Before you call build a specifications sheet for 3 imaginary multifamily properties in the type of area you want to invest and ask for a quote on each one. Have the properties span the entire envelope you will be looking to buy (i.e. small, medium, large). Once you have all of that data you can average them out to give you a rough range on what you will have to spend to insure your properties.

Please ask any questions if you want more details,

Allen Fletcher