Home insurance?

Was hoping some folks might be able to share what they currently pay so that I can have some sort of estimate as to what I might be looking at. I’m planning to buy a multifamily house in the ballpark of 1.5 million. Ideally, we’ll have one or possibly two rental units. Considering most of my life savings will be going into this I’ll need to be insured quite well. Anyone willing to share a bit about their policy?

j.e.c2769

in General Discussion 8 years and 7 months ago

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katdov | 8 years and 7 months ago

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I feel like I am paying very little, so have to check what I’m covered for and what I’m not. I have a small 3 unit brick row house and I pay about $1800/yr. What are some of the things I should be looking out for?

slopefarm | 8 years and 7 months ago

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Our premiums are higher, closer to $8k. Broker is HUB. Carrier is ACE (originally Fireman’s Fund). Covers full replacement, plus umbrella liability coverage. Oversize frame house, so probably less well fire rated than a brownstone or brick, and 3100+ sq ft so rebuilding at full replacement is valued pretty high. Premiums will vary a lot depending upon what the policy pays for in terms of a rebuild.

Talk to several brokers and get the lay of the land. Carriers tend to vary less on how they value comparable risks, and more based upon what they do or do not cover.

EJR | 8 years and 7 months ago

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$5600/year for me. Expensive Chubb policy that theoretically will provide better and more extensive coverage should I ever have a claim. I used http://gothambrokerage.com/ and was happy with the service.

j.e.c2769 | 8 years and 7 months ago

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Thanks a lot for replying. That’s really helpful.

dorkofwindsor | 8 years and 7 months ago

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i think im paying 3000/yr range, which has been increased by almost 50% in 6 years. (no claims).

SoSlope | 8 years and 7 months ago

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Just call some agents and ask the question. They will be able to give you much more accurate quotes based on location, construction, etc. Any estimate you get here will be so rough as to be useless.

j.e.c2769 | 8 years and 7 months ago

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Thanks, but this is more of a hypothetical question.

lgwlcvqt | 8 years and 7 months ago

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What is the current policy on it?

lgwlcvqt | 8 years and 7 months ago

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What is the current policy on it?