Insurance on multiunit apartments

[Michael Z.]

Hello,

I've been listening to the BP podcasts for months and browsing the forums for questions, the community has been great!

I have a question regarding insurance pricing for multiunit complexes in the Houston / TX gulf coast region. I'm looking to purchase my first property and am trying to get a realistic cost estimate on my expenses. Is there a general rule of thumb of price per sq ft rented? or number of units rented within the same property? 

Is the best thing to do here really reach out to insurance companies and ask for quotes on a property that I don't even own yet? 

Thanks in advance.

Michael 

[Josh Welch]

We are closing on a 25 unit class C in Houston and our price is about $440 a door. It depends on a lot of factors already mentioned but $400-$450 is a good range to use in your underwriting if evaluating class C. And this is post Harvey....