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Insurance

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Nate Shields
Pro Member
  • Rental Property Investor
  • Fort Collins, CO
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Alabama commercial insurance

Nate Shields
Pro Member
  • Rental Property Investor
  • Fort Collins, CO
Posted Apr 15 2024, 08:06

Buying a 55-unit complex outside of Huntsville, AL. Who should I be talking with regarding insurance? Any recommendations?

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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 Apr 15 2024, 09:42

Nate,

I would recommend speaking to an Independent Agent that represents multiple companies.  Last year I quoted a larger complex in a different part of AL.  A lot of our national markets had guidelines on age, fire protection, etc that we had to navigate before quoting.  Important info for the agent you will be working with:

1. Address of the property

2. Year built

3. year of updates (roof, plumbing, heating, electric)

4. Loss History (see if you can get at least 5 years from the current owner) Ask them for "Loss Runs"

5. Any Student housing

6. Has it been Lead tested

7. Any Alarms, Fire/burlar/both

8. Pool or other ammenities

9. Will there be a Property Manager

10. Any paid employees of the complex (for Workers Comp)

If you can get copies of the current policies that may be helpful as well

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Ethan Wilson
  • Investor
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Ethan Wilson
  • Investor
Replied Apr 15 2024, 15:27
Quote from @Nate Shields:

Buying a 55-unit complex outside of Huntsville, AL. Who should I be talking with regarding insurance? Any recommendations?


 Try our guy Perry Keenan with Keenan & Associates. He's done our past 2 complexes in the Huntsville area.

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