Estimating Multi Family Insurance Costs - Eastern Canada

[Greg Ripley]

Hey there,

I'm a newer investor in Cumberland County, Nova Scotia, and I am just finishing my first flip project which I am excited to share in the coming weeks. I'd like to next buy a duplex/triplex and step foot through the multi-family investing door while continuing to do single-family house flips.  As I run the numbers on local listings, I'm curious to see if anyone has any advice on estimating insurance costs on small multi-family in our region. For other variables such as tax rates and heating costs, I find it easier to get a good evaluation. But, I haven't been able to get a decent ballpark on insurance costs. Is it all property-dependent? Is there a certain cost per unit I can expect to pay based on the condition of the building? From what I've read, insurance is a bit more complex than costs to rebuild, when it comes to multi-family. If anyone has any advice based on their own experiences or can point me in the right direction, it would be greatly appreciated! Thanks.