I need a quote for HOI for 2-family non owner occupied home/s.
I saw people mentioned something around $300 per unit, so far I was quoted twice as much (weichert insurance)
Is there/what is a minimum reasonable/practical set of features I need to ask an insurance company to quote me?
Would you please suggest?
Hey @Aleksey Vinogradov ,
Your policy is going to cost you between $1,000-1,200 per year. I personally got the lowest HOI rates from Geico and Travelers.
Call a local agency that shops around for you like Insurance Center of North Jersey. Call Geico directly.
Thanks for you advice, David! I'll contact them and will see what they get..
Hello @David Thomas, hope you are well. What coverage amount are you basing a quote of 1000 to 1200 on? In my experience the TNT insurance broker is suggesting about $200 per Sq foot in NJ to rebuild, resulting in 1300 a 1800 per typical 2 family in NNJ. Thoughts, am I being taken for a ride?
Michael, I've got a quote from Liberty Mutual for around 1100 for a 2-unit, so maybe for you it might be worth to check a couple of more places?
The $200/sq ft sounds correct for rebuild but thats just to determine replacement cost. Your actual policy premium will have many other factors as you probably know - age of home, condition, owner vs non-owner occupant, security features, location, and on, and on! Increasing your deductible a bit will lower the cost as well, but the key is to shop around. Its worth the effort.
I use affinity group managment
Call them and see what they quote, they do all our flips as well as our rentals
Liberty mutual said they would not be able to insure my duplex. It is in an LLC name so it had to be a commercial policy. I am insured through Fidelity and pay just under $2k with $700k replacement cost (3500 sq ft so $200/ft is right on).