All Forum Posts by: Ben Guttman

Recommendation for Multi-Family insurance coverage in Anchorage, AK. Please and Thank You! 

I have a client that has 2 multifamily properties that are in Amarillo, Tx.  Both were bought with cash and require significant rehab.  They are also completely vacant and in very undesirable neighborhoods with boarded up houses next to them.  I have had lenders interested until they look at Google maps and see the surrounding area.  Is this just a no-go in terms of getting a loan or are there lenders that are willing to lend on these types of properties?

Please forgive me if I'm being repetitive - I did a quick search and didn't see any situations specifically like mine.

I'm shopping for insurance on small multifamily apartments, and the quotes I'm getting back have been 2-3x what I'm currently paying. This is killing cash flow and eliminating refinancing options, not to mention financing for new acquisitions. I would really welcome any advice or tips.

A quick summary of my situation:
- I’ve owned ~4 small apartments in the city of Atlanta since ~2021, all affordable housing and heavily voucher-based tenants,  ranging from 7-20 units.
-Two apartments are under Fannie Mae loans which have extra insurance requirements
- I've filed one insurance claim in my entire life - a total loss on a duplex when it burned down.
- For the apartments, I’ve had to move insurers multiple times due to insurers non-renewing in the Atlanta area
-The apartments are now clearly in the non-standard market only —  due to (a) apartments being more than 30 yrs old and (b) crime scores

-Example: 8 units in zip code 30318, 2 stories brick. Current premium $4257 but non-renewed. ~5 Quotes received so far ballpark $15K.

If anyone can suggest ways to lower these rate, brokers who specialize in my market, or any other avenues I could look into, I'd be incredibly grateful. I just cannot believe yet that this is the standard and there's no way around it.

Thank you!

Sheree Hsu

Any recommendations in the Philadelphia metro area for a property insurance broker that will provide blanket coverage for rental properties?

Here is my rental portfolio mix:

-6 2-4 multi family properties

-21 units total

-2 properties also need flood insurance

Please let me know if you have any good agents an can connect with for multifamily properties in Miami Beach. Insurance costs are outrageous ATM.