I need multifamily insurance for complex in Garden City Michigan

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I need multifamily insurance for complex in Garden City Michigan

Bruce Scannell
Rental Property Investor · Carlsbad, CA · Member since 2014 · 127 posts · 28 votes

I am currently reviewing the purchase agreement for a 26 unit in Garden City and am trying to line up some of the necessities. I have been getting quotes from companies I found by just googling commercial insurance brokers in the area, but the quotes seem high to me. I have multiple single family homes and duplexes in the same area and I'm paying $35-40/door/month, but the quotes I'm getting are $42 or higher. I was thinking it would be cheaper. 

Is that the trend that others are seeing or am I just off base?

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  • George P.
    Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
    10y

    I have been looking to buy multis in Garden city for awhile.  

    and btw,  coming to Carlsbad for a week in about a month. 

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  • Owen RosenBusiness Member
    Professional · Clinton Township, MI · Member since 2015 · 689 posts · 260 votes
    10y

    there are a ton of factors and cops ring with single family homes or duplexes is apples and oranges - would be happy to take a look though 

    Royal Oath Insurance Group4.9208 Reviews
    WebsiteView Page
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  • Owen RosenBusiness Member
    Professional · Clinton Township, MI · Member since 2015 · 689 posts · 260 votes
    10y

    "comparing"

    Royal Oath Insurance Group4.9208 Reviews
    WebsiteView Page
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  • Kevin Romines
    Lender · Winlock, WA · Member since 2013 · 1k+ posts · 1k+ votes
    10y

    Farmers is one of the few big boys that is investor friendly. They can do up to 20 home on personal lines even if they are held in an entity such as an LLC. They have very competitive commercial policies as well. They are kind of a hybrid in the market in that yes they are a captive company, but after Farmers looks at the policy, if they cant do it for whatever reason, then the agent is free to broker it to whatever carrier they want. Many agents have excellent outside lines and specialty lines carriers contacts. So you get the best of both worlds.

    They also own foremost who has no restrictions on the numbers of homes you can insure with them. Foremost will insure an LLC or entity on personal lines. They have a hybrid personal lines policy such that you are allowed to schedule up to 36 properties per policy, with no restrictions on the numbers of policies you can have with them. This is very convenient for tracking purposes, just 1 dec. page and it also eliminates services fees on each individual property.

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  • Kevin FoxPro Member
    Real Estate Agent · San Diego, CA · Member since 2014 · 1k+ posts · 635 votes
    10y

    Hey @Bruce Scannell

    You may want to reach out to @Parker Cox. He's located in San Diego as well and is my go-to for just about anything insurance related.

    Best of luck!

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  • Bruce Scannell
    OP
    Rental Property Investor · Carlsbad, CA · Member since 2014 · 127 posts · 28 votes
    10y

    thanks @Kevin Romines, I will give farmers a call and see what they can do

    Thanks @Kevin Fox, I will reach out to Parker Cox

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