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Kevin Park
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Shopping for Multifamily Property Insurance

Kevin Park
Pro Member
Posted Feb 19 2024, 14:24

Best way to shop for property insurance on a 15-unit multifamily in Bakersfield, CA ? Thanks. 

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John Mocker#1 Insurance Contributor
  • Insurance Agent
  • Norwalk, CT
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John Mocker#1 Insurance Contributor
  • Insurance Agent
  • Norwalk, CT
Replied Feb 20 2024, 05:58

Kevin,

My advise is to seek out 2-3 independent Insurance agents (they represent multiple companies) that can write in CA.  At least one should be located in CA.  See if you can get referrals to agents that specialize or write a lot of Apartment buildings.  Sources that might be able to help are Commercial Realtors that sell Apartments, property managers, Local Real Estate meetups, CPAs or Attorneys that deal with Apartments.  

Things that will help in the process:

1. Have an idea of the limits you want quoted 

    - Building - cost to rebuild

    - Contents: do you have any business property there (appliances that are not built-in,

        maintenance equiptment, furnishings in common areas) - what is the cost to replace them

    - Business Income:  What is the total rents minus the costs that don't continue

    - Liability:  What limit are you looking for

2. Have the info on:

    - any claims in the past 5 years

    - when were the Roof, Electrical, Plumbing, & heat last updated

    - what alarms/security

    - who the prior coverage was for the past 5 years

CA has become a difficult market for coverage lately so I would start the process early to make sure you are quoted in enough markets.

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Sanjeev Advani
  • Investor
  • Bakersfield, CA
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Sanjeev Advani
  • Investor
  • Bakersfield, CA
Replied Feb 20 2024, 13:40

@Kevin Park - I would recommend that if you are looking for multifamily insurance in Bakersfield that you speak to at least 2-3 independent brokers like @John Mocker mentioned, but also ask for the information from the current insurer of the property.  You will need to have information on the systems of the property and when they were replaced last. 

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