30%+ Insurance Cost Increase
I just received an insurance policy renewal bid for an 11-unit brick building in Chelsea, MA. Last year's cost was $7,100...and I'm looking at $9,200 for next year. The property is fully residential, was built in 1860, and was gut rehabbed in 1983. It's not sprinklered but has fully upated systems incl. fire panel. I have the policy out for bid with a new broker as we speak, but I'd love to get a sense for what others are seeing. Anyone have access to a BOMA comp book? Any comparable policies out there?
There are way too many variables out there for people to give you numbers for their insurance. Get referals and call around to 3-5 insurance agents and have each of them bid it. g' luck.
Yea, insurance rates have gone up in our area. My 4 family went from $1700 to $2100 in one year, and I'm paying around 8k for a 13 unit brick building.
-jason