Small Multifamily Insurance greater than 4 units

2 Replies

Hello all.  I closed on my first six-unit in March.  Before than I had several single families and four-unit multi's and had used my trusty insurance provider for everything.  I feel their rates/discounts are relatively tough to beat.  

Not long before closing on the six-unit I called to get insurance and found out they do not insure properties with greater than four units.  Further, I called around and none of the providers I referred to could get a commercial policy in place before closing.  I cold called several name-brand insurance offices and found a local agent who could get it done.  I have closed on two additional 6-unit buildings since then and gave him the business since he bailed me out.

The six-unit buildings are in a pod and identical, but the premiums have gone up on each policy by more than 10%.  There was also a snafu with one policy not getting escrowed in properly.  Long story short, I am wondering if there are any blanket recommendations for commercial insurance carriers as my goal is to establish a relationship, 1031 into larger properties in the coming years, and I'm open to transferring all my other business to them if they are competitive with my current provider.  I'd love to write one check.  I just feel that with additional policies on identical buildings the premium continuing to go up is strange.  Also, for context, I have no claims and am in North Dakota with some additional property in Minnesota.  

Hi Steve, I don't have a blanket recommendation for any particular carrier, but if you work with an Independent Agent/Broker familiar with your market, he/she will be able to help you by shopping with many carriers that you do not have access to yourself. I would recommend conecting with @JasonBott to explore all of your options.