Owner-occ Multifamily Insurance KILLING MY DEAL

[Mark Douglas]

Ok. Everything was great...the numbers cash flowed, it's in great location, probably a "B" property, the financing came through, etc.  On to home insurance quotes..  Apparently, since I'm only occupying 1/4th of the 4plex, the insurance companies (I'd gotten a couple quotes before noticing a trend..) see the property as 3/4 investment property, which outweighs my puny 1/4 occupancy.   ---->>>> which turns this "would be" deal into a negative cash flowing situation :(   

I got quotes for $219 and $271 per month. Every property will vary of course, but are these in the ballpark of what you all are seeing for 4plexes???   On the $271/mo quote, the estimated replacement cost was $417,000 ......it's only appraised at $200,000 ..

In case it comes up, I ran the initial insurance numbers as if I were a homeowner (as opposed to an investment property owner), probably a mistake looking back.  On the plus side, nothing has happened yet, just put in the first offer today, so I'm not locked into anything yet.

I iust want my deal back haha

Thanks !