How Much Insurance to Carry For a 4-plex Unit?
I am purchasing MF for the first time, after only buying SF condos. I am shopping insurance for the two 4-plex units that are basically together as one 8 unit complex. The building is in Arizona, and consists of concrete slab/cinder block construction with a comp shingle roof. It is all one level (no stairs), does not have a pool, and no other possible hazardous fixtures to speak of. There is one laundry room with a few machines, The landscape is pretty basic with gravel and 4 really tall palm trees on the frontage road. The parking is not covered and next to the complex. The purchase price was $490k for each 4-plex.
I am wondering what the minimum insurance policy should be?
Right now, for one 4-plex, I have been quoted:
Dwelling Coverage: $345,000 (no personal property coverage)
Liability: $300,000
Deductible: $1000
Annual premium: $1038
Is this enough coverage? If not, what should it be? Is anything missing here?
Thank you for all your insight, and I welcome any quotes from insurance agents.
Randy