insurance for 3 family house in Union city, NJ, built in 1913

[Sooyeon Kim]

Hi all, 

I'm in the process of getting a 3 family house in union city which was built in 1913. Due to its age, i have been having hard time getting a coverage. 

The only one that i got was from liberty mutual;

Dwelling 350k

Other structures 35k

Personal property 0

Loss of use of insured location 70k

Personal liability 300k

Medical payment to others 2k

deductible 5k

and the premium for this coverage is $3684

does it look somewhat reasonable? if not, what would you recommend? 

I'd love to here from BP experts. 

Thank you in advance!

[Rikako W.]

we have a 2 family house in Union City built in 1893. we pay about $1050/year.  PM me and i'll send the info of the insurance broker. 

[Sooyeon Kim]

Rikako Wakabayashi hi rikako, thank you! Just sent you a msg.

[Jason Bott]

@Sooyeon Kim will you be living in it?

[Sooyeon Kim]

@Jason Bott hi jason, I won't be living in there. 

Thanks

Soo

[Jason Bott]

@Sooyeon Kim you want to get a home owners policy that has coverage for tenants.

Also,

If you will be living there, you would want some Personal Property coverage.  This covers your personal items such as clothes, furniture, etc.  You list $0

See how much it is to raise the liability to $1,000,000.  It will probably be $20-$30.

[Sooyeon Kim]

@Jason Bott hi jason, thank you for your advice! Will do.

[Thomas Hickey]

Similar situation, I've found brokers to be better on older homes like this. The bigger companies get hung up on knob and tube wiring that isn't even on the inspection report, because it could theoretically be lurking in the walls