All Forum Posts by: Anthony Lee

@David Arendt 

Multi families can often be more expensive than single families. However, it all depends on the company and coverages. 

I have several insurance companies aggressively looking for insure this type of risk. Feel free to give me a call, I'd be more than happy to help.  

I sent you a PM and my contact information is also below. 

@Johnathan Alesso Congrats! Definitley a huge accomplishment! 

@Chris Benson 

Its always recommended that you, as a landlord, require the tenants to have renters insurance. 

To expand on what @Bryan O. said, when a tenant has renters insurance, it covers their personal property in the event of a loss. It also generally will provide them will Loss of Use coverage in the event there is a loss where they are no longer able to live in the home. Liability wise, it provides coverage for them, in the event there is a liability claim they are responsible for. 

By requiring your tenants carry renters insurance it will also, generally, apply a discount or credit to your Landlord Dwelling Insurance. 

So it's a win-win at the end of the day for both you and the tenant. 

@Amber A. I have clients that do both. It's always a good coverage to have and if you are not in a Special Flood Hazard Area, otherwise known as a High-Risk Flood Zone, the insurance is fairly affordable. In most states, private flood insurance is available and often cheaper than the National Flood Insurance Program (NFIP). The rates are the same, generally, but it doesn't have the all the surcharges the NFIP does. 

@Matt F. The cost of insurance varies based on several factors. Some of the factors are property specific, i.e. age of property, occupancy, location, units, etc. Other factors are coverage specific. So it is difficult to give a hard and fast rule of thumb.  

The townhouse you reference, is there an HOA? In that case, it is likely you are only paying for "Walls In" coverage, which is otherwise known as Condo Insurance.

When you are dealing with a stand alone property or a city row home, there is no association and so you require a proper dwelling policy to cover the entire building. Therefore more expensive out of the gate. 

Once you start getting into older properties (75+ Years), there is generally more risk. With more risk, there is also an increased cost of insurance and increased underwriting done on the risk.  

If i were to venture a guess, if it is an average size row house, built in 1880s, with coverage to replacement cost, i wouldn't be surprised if it were $1500-2000ish 

@David Smith I have several carriers aggressively looking to write this sort of risk. My contact info is below. Feel free to reach out offline.  

@Jim Shiminski It really all depends on the individual coverages, policy type, property specifics, and location so its not really possible to give a hard line rule of thumb for every situation. 

In a 2015 report by the National Association of Insurance Commissioners (NAIC), the average homeowners premium was $1034 nationwide. But thats an average and really doesn't do us much good. 

I would recommend speaking with an insurance agent or broker that works with multiple companies about the particulars of the property's construction, location and use, as well as your risk tolerances. He or she would then be able to advise you properly. 

My info is below, feel free to reach out offline if you want to discuss further. 

@Jakub Bednarz the cost of insurance will vary based on the individual property and it's specifics, i.e. size, location, reconstruction costs, desired coverages, etc. 

Premiums in Houston, are generally higher, than say in Dallas, due to the coastal exposure. It doesn't mean you wont be able to get a great rate in Houston, it just means the options are somewhat more limited. 

Feel free to reach out, my info is below, I'd be more than happy to answer any questions you may have. 

@Benjamin Burket Welcome to BP! 

@Jack London Welcome to BP! I'm sure you'll find the community a great resource!