Home insurance for a 14-unit multi-family?

Question

Shopping around. So far, the rates we're getting are much higher than the previous owners'.

Building is over 100 years old.

Any recs are appreciated!

Jared Townsend · Answer

Are the agents you're working with explaining why the rates are so different? It could be a number of reasons:1) The prior carrier will keep an existing policy but not write new ones

2) The property was insured a while ago (possibly before a major underwriting cliff like 100+ year old construction) and the home won't qualify when underwritten today

3) The home needs update that disqualify it from more competitive carriers

Jared Townsend · Answer

4) Many people grossly underinsure their properties. If you're getting appropriate coverage limits or endorsements then that could significantly increase the cost. Have you reviewed the old owners' coverage to compare to your quotes?

Owen Rosen · Answer

@Jared Townsend is on the money with these possibilities and questions.  This is a very common issue.

One other thing I'd add is purchases made with a lender involved may require coverages that the prior policy did not contemplate which can drive the cost up significantly.

Home insurance for a 14-unit multi-family?

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