Cleveland Ohio - Property Insurance

[Achraf El Churafa]

Hi BPers

I would like some guidance. If someone can point me to an property insurance company that provides affordable insurance for Multi Family properties. I have seen qoutes for buildings that range from 500 per unit to 1500 per unit. Same parameters but located in cities, have different prcie point. I own a 6 unit, and a 9 unit building and in contract for a 15 units. the 6 unit came at 3000 (500 per unit), the 9 unit is at 6250 (694 per unit) and 15 unit came in at $1793

Every property I looked into in cleveland, the financals show 5000 insurance. what are property owners are doing that I am not figuring out. 

I am currently insured Thru Erie Insurance.

Any feed back and help would be greatly appreciated.

[Jason Bott]

@Achraf El Churafa The insurance carrier that will be most competitive really depends on the characteristics of the building.  You could have an 8 unit building @ 6000 sq ft, and you could have 3 different insurance companies offering the best option because of age, structure or occupancy.

Also, the insurance market is fluid and ever changing.  So company A may give you the best option today, but next year, they may not even want to write new rental properties.

Erie has been very competitive the last few years, but has been steadily raising rates the last 2 years because they had not charged enough premium on the front ent to keep the premiums consistent.

I'll PM you some additional info.