Looking for radical ideas for saving money on insurance for commercial multifamily

Flipper/Rehabber · Bloomfield CT · Member since 2020 · 1k+ posts · 409 votes

Looking for radical ideas for saving money on insurance for commercial multifamily properties. Got any suggestions other than laboriously shopping around?

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Chris SeveneyBusiness Member

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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes

@James McGovern

You can self insure, but will take on a huge risk, for example only insure the first $100k or $250k and then above that insurance kicks in.

Not recommended but a. Way to save

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Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
2y
@James McGovern
You can self insure, but will take on a huge risk, for example only insure the first $100k or $250k and then above that insurance kicks in.
Not recommended but a. Way to save
7e investments53 Reviews
Website View Page
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Jason BottPro Member
Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
2y
Quote from @James McGovern:

Looking for radical ideas for saving money on insurance for commercial multifamily properties. Got any suggestions other than laboriously shopping around?

James, depends on the type of property you have. SFR, STR, Strip mall, Commercial/industrial or 24 unit complex?
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Jonathan R McLaughlin
Rental Property Investor · Boston, Massachusetts (MA) · Member since 2016 · 2k+ posts · 2k+ votes
2y
larger deductible, more exclusions.
This probably isn't the area for "radical" ideas though. And if you have financed the property the bank will insist on a certain minimum of coverage.
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