Landlord Insurance for multi familu

Chicago, Illinois
Insurance
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Landlord Insurance for multi familu

Account Closed
Member since 2025 · 15 posts · 3 votes

We just got a quote for insurance for a 2 apartment multi unit and it was 10.5 K. 
the building is old from 1890s and has a flat roof so we were expecting the premium to be high but not 10K . What's everyone getting for insurance quotes these days? Any brokers out here that can get a better price? 

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Aaron ZimmermanBusiness Member
Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
1y

$10k is absolutely insane. Insurance is tough right now. Have you considered increasing the deductible? That may help. 

If you do need a contact for insurance, I’d be happy to provide you with a contact. Please PM if youd like it . 

[email protected]
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  • Jason Taken
    Lender · Chicago, IL · Member since 2021 · 424 posts · 145 votes
    1y
    Quote from @Account Closed:

    We just got a quote for insurance for a 2 apartment multi unit and it was 10.5 K. 
    the building is old from 1890s and has a flat roof so we were expecting the premium to be high but not 10K . What's everyone getting for insurance quotes these days? Any brokers out here that can get a better price? 


     Chicago is very tough right now. I've seen some pretty high policies. What insurance company was that through?

    1Reply
  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    1y

    $10k is absolutely insane. Insurance is tough right now. Have you considered increasing the deductible? That may help. 

    If you do need a contact for insurance, I’d be happy to provide you with a contact. Please PM if youd like it . 

    [email protected]
    Brick House CPAs53 Reviews
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    2Reply
  • Owen RosenBusiness Member
    Professional · Clinton Township, MI · Member since 2015 · 682 posts · 259 votes
    1y

    Sent a DM

    Royal Oath Insurance Group4.9203 Reviews
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    0Reply
  • James Doren
    Investor · United States · Member since 2023 · 26 posts · 22 votes
    1y

    That's absolutely insane... we have a 2 unit, albeit in a very different area (Central PA), but ours is just over 1k. I can't imagine 10x being normal no matter the area or building age/type. 

    0Reply
    • Jason Taken
      Lender · Chicago, IL · Member since 2021 · 424 posts · 145 votes
      1y
      Quote from @James Doren:

      That's absolutely insane... we have a 2 unit, albeit in a very different area (Central PA), but ours is just over 1k. I can't imagine 10x being normal no matter the area or building age/type. 


       Better believe it. Cook county has a bunch of confounding factors that make premiums horrendous here. But - we all agree its insane.

      1Reply
  • Paul De Luca
    Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes
    1y

    @Account Closed

    Calling that quote insane or absurd is an understatement...

    If you want a second opinion, I can give you my insurance agent's information. 

    0Reply
  • Jill F.
    Investor · Akron, OH · Member since 2016 · 2k+ posts · 4k+ votes
    1y

    We pay between $40 - $70/door per month across our portfolio for insurance. Our older properties are closer to $40 and newer properties are right at $70. Smaller (less than 5 unit) buildings are currently easier to get insurance for.

    0Reply
    • Neil Cronkrite
      Investor · Wheat Ridge, CO · Member since 2013 · 75 posts · 41 votes
      1y
      Quote from @Jill F.:

      We pay between $40 - $70/door per month across our portfolio for insurance. Our older properties are closer to $40 and newer properties are right at $70. Smaller (less than 5 unit) buildings are currently easier to get insurance for.


       For larger portfolios, can you share your insurance broker contact? Not many of them have access to effectively insure large multi-state portfolios. 

      0Reply
  • Andrew Bish
    Insurance Agent · Chicago · Member since 2025 · 46 posts · 38 votes
    1y

    What other carriers have you already shopped? There are a handful that are competitive with the 100+ brick build, flat roof (how old?) asset class, but their risk appetites tend to be more restrictive than Safeco. Maybe Honeycomb or Obie, I don't think Steadily writes over 100 years old. Can your broker access the excess & surplus market? A non-admitted carrier might offer cheaper premiums if you are comfortable with the carrier offering the policy. 

    Also, work with your broker before requesting the cheapest quote they can provide. We can strip a lot of coverages off that are fairly cheap that could severely impact the claims process in the event of a catastrophic event. If Safeco is truly the best and only option, I agree with @Aaron Zimmerman, raising the deductibles can be an option to lower the premium without sacrificing coverages. Especially if you have great maintenance/contractors, you could handle a lot of repairs without involving insurance or worrying about higher deductibles, only falling back on the policy in the event of a total loss or liability claim. 

    2Reply
  • Eudith VacioPro Member
    Real Estate Agent · Chicago & NWI · Member since 2015 · 860 posts · 521 votes
    1y

    @Account Closed HOLY MOLY! that's outrageous. Where is the property located? I can only imagine MAYBE if you've had accidents in the past that would impact your quote but thats insane. 

    I would contact an insurance broker, if you need someone I have a great contact!

    0Reply
  • Marcelo SztainbergPro Member
    Northbrook, IL · Member since 2022 · 9 posts · 3 votes
    1y

    If you are still looking DM me for a recommendation.  I own to old brick buildings in the north side of the city.  One has 3 uníts and the other 4... my most "expensive" of the two stands at $3k.  I have a really good broker.

    0Reply
  • Eudith VacioPro Member
    Real Estate Agent · Chicago & NWI · Member since 2015 · 860 posts · 521 votes
    1y

    Hey @Account Closed I sent you his information!

    0Reply
  • J CastroBusiness Member
    Lender · Florida · Member since 2025 · 705 posts · 253 votes
    1y

    Hey @Account Closed welcome to BP!

    Securing landlord insurance for an older, multi-family building with a flat roof in Chicago presents specific challenges, but several options are available. Standard insurers may offer coverage, but you may need to pursue specialized policies or a state-assisted plan if you face
    rejection. 

    Many standard insurers are hesitant to cover buildings over 40 years old, let alone a structure from the 1890s. Older buildings are at higher risk for issues with aging plumbing, electrical wiring, and the general wear of the structure. To increase your chances of getting a policy and securing a better rate, you should demonstrate that the property is a low risk. Professional inspection reports can prove that the building is well-maintained and structurally sound.

    Consider working with an independent agent or a broker who specializes in multi-family and historic properties.

    JCREIG Capital Funding
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  • Account Closed
    OP
    Member since 2025 · 15 posts · 3 votes
    1y

    Thank you !

    0Reply
  • David R DeLalio
    Member since 2021 · 1 post · 0 votes
    1y

    We have a 3 unit single family in the Washington DC area. State Farm. For the basics of apartment insurance and umbrella total is about 5200, despite a high deductible. There may be some minor items we can extract out of it.  Seems high (like 2 months of rent). Moreover it is an increase of 9% from last year (ugh)   Any experiences or suggestions for other carriers to contact?

    0Reply
    • Owen RosenBusiness Member
      Professional · Clinton Township, MI · Member since 2015 · 682 posts · 259 votes
      1y
      Quote from @David R DeLalio:

      We have a 3 unit single family in the Washington DC area. State Farm. For the basics of apartment insurance and umbrella total is about 5200, despite a high deductible. There may be some minor items we can extract out of it.  Seems high (like 2 months of rent). Moreover it is an increase of 9% from last year (ugh)   Any experiences or suggestions for other carriers to contact?

      Work with an Independent Agency (not captive like State Farm) that can shop for you and counsel.
      Royal Oath Insurance Group4.9203 Reviews
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  • Marcelo SztainbergPro Member
    Northbrook, IL · Member since 2022 · 9 posts · 3 votes
    11mo

    @Daniel Gaburici, I'll send you the info via DM

    0Reply
  • Owen RosenBusiness Member
    Professional · Clinton Township, MI · Member since 2015 · 682 posts · 259 votes
    11mo
    Quote from @Yanik Parsch:
    Quote from @Account Closed:

    We just got a quote for insurance for a 2 apartment multi unit and it was 10.5 K. 
    the building is old from 1890s and has a flat roof so we were expecting the premium to be high but not 10K . What's everyone getting for insurance quotes these days? Any brokers out here that can get a better price? 

    Hey, yeah $10K sounds rough, but with an old building and a flat roof, high premiums aren’t too surprising. One thing that’s helped a lot of landlords I know is using Baselane’s partnership with Obie for insurance. It’s built for rental properties, gives tailored quotes, and you can manage everything online—plus it integrates with your Baselane banking and bookkeeping, which makes life easier if you have multiple units. Might be worth checking to see if you can get a better rate that way.

     I like and represent Obie (among many other insurers.) I don't think any particular program or carrier is one size fits all though.  That's why I always recommend working with an independent agency that works with multiple carriers.

    Royal Oath Insurance Group4.9203 Reviews
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