Posts

Insurance Issues On MultiFamilies/Duplexes

fmmp profile photo
  • Contributed by
  • fmmp
  • Friday, May 20, 2005 @ 10:24 PM EDT
  • 11 Comments

I am looking to purchase multfamilies and am wondering:

What questions to ask when looking for insurance.

I do recall that most owners have properties under an "umbrella" with a $1$-$2M policy.

What is a fair deductible?

When purchasing multiples are the yearly fees due up front at closing? Ex. I buy 2 and and the insurance is $1K/year so I will 2K to begin the policy and due at closing.

If you have a great insurance company please pm me.

Comments(11)

  • no photo
    fmmp20th May, 2005

    The titles will be as an individual but I intend on moving them into into an LLC once I read up on it.

  • loon
    loon20th May, 2005

    I had good luck with State Farm; they just insured a 3-plex and 4-plex I have for $1400 total a year, lower than other quotes I got by a lot.

  • no photo
    fmmp20th May, 2005

    Loon they were going to be my first attempt at insurance since I have car and home owners insurance with them.

  • norrist
    norrist20th May, 2005

    Every market is so different. Best bet is to find a knowlegeable Agent, maybe even one who invests in RE. As for deductibles, determine the minimum property claim you would file and double it. Carry this deductible...simple rule-of-thumb...

    Best regards,

    Tim

  • d_random
    d_random19th May, 2005

    Although I have not used them I have used them, I have heard good things about the National Tenant Network:

    http://www.ntnnet.com/index2.html

    Also, be sure to talk to the tenants last (2) landlords!

  • no photo
    ciroma19th May, 2005

    Hi D_random, really appreciate all the information you provided. I have contacted NTN in my area. And will try them out. THey do have an initial and one subscription of $35. Just to let others know who might be interested in this information.

    THe www.nolo.com site is also great. Having most information in one place is great.

    Thanks Again.

  • d_random
    d_random19th May, 2005

    Awesome! Glad I could help!!

  • no photo
    RonInAZ19th May, 2005

    Another great book is Landlording by Leigh Robinson

  • d_random
    d_random19th May, 2005

    RonInAZ

    I agree, must have book for a good landlord.


    Quote:
    On 2005-05-19 19:21, RonInAZ wrote:
    Another great book is Landlording by Leigh Robinson

  • sanjosee
    sanjosee19th May, 2005

    try to find a local real estate club, or apartment association for resources specific to your area

  • no photo
    kburke20th May, 2005

    See if you can find the website of your local clerk of courts. If your lucky that have the court cases online and you can check for evictions and arrest by name. Also do a search to see if your state has a website for wanted people or sexual offenders. Unfortunately you are not renting in florida or I would give you links.



    _________________
    Kyle Burke<br>
    SWFLA Investments[ Edited by kburke on Date 05/20/2005 ]

Add Comment

Login To Comment