Oakland, CA · Member since 2016 · 9 posts · 2 votes
I’m having trouble getting a business owners policy due to a combination of having a unique and older 35+ unit apartment complex that was built in the 1950s and needing to meet Freddie Mac requirements. Most carriers are saying no.
Does anyone have any experience to share here or know a broker who might be able to help in this area?
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
2y
@Alex P. get to those online facebook REI Groups. There will be thousands of real estate investors in those and you can ask this question there. Search for something like "California Real Estate Investors" or "Apartment Real Estate Investors" or some combination of those. You'll see many. Join them all. But post locally for this. That's the best bet.
Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
2y
@Alex P. This is becoming more and more of an issue. The fact of the matter is the insurance requirements are going to need to start to bend a little as the insurance market doesn't have the capacity to meet these requirements with an affordable premium. We have gone ahead an issued renewals without all of the requirements and told the lender we just can not find the appropriate coverage.
Trust me, your not the only investor the bank has who is having these issues.