All Forum Posts by: Owen Rosen

I am looking for any leads with Insurance companies that offer insurance on a 5+ multi-family dwelling in Houston TX. The building was originally built in 1950. We have replaced the roof in January of this year. We purchased this property in Dec 2024 and has a rent roll of $4700 / month. 

Here is the problem in a nutshell. Once upon a time you paid insurance for outstanding liability like what you owed on your mortgage. So lets say insurance coverage of $300k because thats what your mortgage was on a multi family. Then, insurance companies got smart and started charging for replacement cost and eventually that became the norm. So nowadays replacement costs increase every year and after covid it basically went nuts because of materials and labor. An example: I own a 3 family with a mortgage of $260k, Value $500k, Replacement cost according to insurance company is 1 million. So I now pay insurance on a 1 million dollar multi family. It is absolutely ridiculous and a giant scam. It does not matter who you go to, all the insurance companies are doing it. There is no way my multi family would cost 1 million to build out, land doesn't burn and I'm a GC.

Hi all, 

Just entered a contract for my first rental unit. A SFH priced at 252K, 4 beds, 2 bathrooms and 1 garage. About 1500 sqf and it's a new build. How much insurance should I buy for this? Any general parameters? Thanks!

Hello - Has anyone had good experiences with certain insurance providers in Marion, dayton or Fairborn? My current insurance company jacked up its prices significantly ! 

@Jonathan Klemm and @John Warren Would you mind sending your contacts over please? I'm looking to switch companies to insure our 2 flat and our primary single family in the suburbs, potentially car as well.

Agent walked a property today that is a definite cash cow, but need an insurer who can provide a premium at a reasonable rate or the deal’s dead. 

My usual broker came in at 9k/ annual with her second best option being 16k. A State Farm agent came in “better” at nearly 7k (this is for a 235k triplex in 48238).

I have a duplex fully insured for $2200 & a SFR for $900.. imo, a reasonable rate for this one would be 2500-3500/year (I'm ok with a high deductible).

Any help is greatly appreciated!

Hey Jordan, when you say broker, you mean insurance broker or real estate broker? Also I would agree it's unlikely that everyone in that area has the same insurance company because that would make it a monopoly, which is illegal. I would look into getting a third (insurance) broker to help you find a competing company to the one everyone else is working with and see what they'll offer you. Sometimes more boutique companies that are trying to compete with the bigger companies will offer better rates. Also, try to find out why the premiums keep going up--what is the cause of that. Something you might want to be aware of ahead of time because it might affect your property in the longrun.