Hello all, Closing on a multifamily(2 family duplex) at the end of this month and I have been getting some pretty high quotes on homeowner's insurance. The property is 2,240 sq ft, fueled by natural gas, has new plumbing and the roof is about five years old. I've gotten quotes as high as $2500. Is this standard or does anyone own a multifamily with insurance at a less inexpensive rate?
I have a 2 family and insurance is less than that. I use State Farm. Getfranco.com
Contact Franco and tell him I sent you. We do a lot of business together.
That's interesting because it was State Farm who gave me that original quote
Hey @Donte Askew I am not familiar with CT rates but that does seem high to me. I typically tell investors to budget 800-1100 a year for a duplex in Cleveland, Ohio. Insurance carriers do charge a surcharge for older homes built pre-1930 and also for it being a multi unit. Take a look into Foremost. They offer competitive rates and love insuring residential rental properties. You may also have much more than what you need being offered to you in the policy.
Thanks Kevin, I'll definitely look into that
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