Insurance for House Hacking a 4-plex

[Will Fraser]

Hi BP pros!

I am under contract to purchase a 4-plex that my family will be moving into and house-hacking. So far it's been decently smooth, but then we hit a major insurance snafu. The seller's insurance on the 4-plex runs about $3,500/yr on the 4-plex for their "landlord" policy. I'll be owner-occupying the 4-plex and using a OwnOcc loan to purchase it (FHA specifically), so I know I'll need a different policy, but so far the best quote I've gotten is $8,800/yr . . . on a $330,000 4-plex. There IS a pool, so I know that factors into it, but $3,500 on an investor policy vs $8,800 on a persona residence policy is . . . vexing to say it lightly.

What tips and tricks do you know of for finding insurance when house-hacking a 3 or 4 unit multifamily?

TIA gang!