Property Insurance Questions & Discussions

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JP 3family insurance

Posted Jun 14 2022, 06:13

Hi, Im trying to get a scope on the insurance cost for an owner occupied 3family in JP, if anyone can offer any insight.  A typical $1.3m , early 1900's in decent condition. Also what would the impact on my current 2family insurance be if I move out and turn it over as all rentals?  Obviously these are great questions for my insurance company, however they wanted very granular details on the property and could not offer any sort of rough estimate.

Thank you,

Boston, Massachusetts

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Jason Bott
  • Insurance Agent
  • Milwaukee, WI
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Jason Bott
  • Insurance Agent
  • Milwaukee, WI
Replied Jun 14 2022, 09:58

@Charles Fisher if you will be living there you will need to purchase a Homeowners policy.  The premium on a Homeowners policy is greatly influenced by your credit and personal claim history.  We could ballpark a commercial policy for a 3u rental, but it has no relationship to the policy that you will need to purchase.

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Replied Jun 14 2022, 14:08
@Jason Bott Thanks, yes a ballpark for a homeowners policy is what Im looking for. Right now I pay around $1k annually for a homeowners policy on a 2family, I'd like to know a ballpark for the same on a 3family.  I understand there are a lot of criteria for a specific policy, but is there no overall metric to ballpark with?
Thank you,

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Jason Bott
  • Insurance Agent
  • Milwaukee, WI
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Jason Bott
  • Insurance Agent
  • Milwaukee, WI
Replied Jun 14 2022, 14:31
Quote from @Charles Fisher:
@Jason Bott Thanks, yes a ballpark for a homeowners policy is what Im looking for. Right now I pay around $1k annually for a homeowners policy on a 2family, I'd like to know a ballpark for the same on a 3family.  I understand there are a lot of criteria for a specific policy, but is there no overall metric to ballpark with?
Thank you,

 Charles, for something like this I recommend you reach out to @John Mocker.  He is in your area and will be familiar with your specific situation.

Good luck,

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John Mocker
  • Insurance Agent
  • Norwalk, CT
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John Mocker
  • Insurance Agent
  • Norwalk, CT
Replied Jun 16 2022, 08:39

Charles,

The rates for Homeowners Insurance vary by the factors Jason Bott mentioned (credit & loss History).  Other factors are:

1. Type of construction

2. Age of construction

3. Fire protection of the town

4. Alarms (burglar/fire)

5. age of the systems (roof, electric, plumbing, heating)

A good independent agent with multiple markets should be able to give you a fairly accurate quote for a three family owner occupied homeowners policy.   There are some companies that will not write the 3 - 4 family owner occ. policies but will write the 2 family.  If your current agent can not quote it for you that may be the reason.