4 plex insurance help?

[Manuel Broco]

Newbie currently shopping for homeowners insurance on a 4 plex. It will be owner occupied has plenty of safety / security features but have been quoted over $300 a month. Is this normal? I was expecting closer to $120/ month. Is this unreasonable? Any multi family / owner occupied insurance information I can get from the community would be very helpful. THANK YOU BP!

[Kevin Romines]

The primary factors that make up your premium are 1) reconstruction costs 2) fire rating 3) coverage levels on liability, separate structures and various endorsements and somewhere in there ( a black box so to speak) is your credit rating. Oh and lets not forget past claims history of the person and property?

Ask yourself, how much would I be willing to take care before I felt the need to turn in a claim? Deductibles of 500 / 1000 / 1500 / 2500 / 5000? This will help or hurt your premium based on the levels you choose? Are there any special endorsements that you may be able to do without? I would not be penny wise and pound foolish with these, it could cost you thousands. Never ever skimp on liability coverage.....Always load that up. That's what saves your bacon at that end of the day......And we all love bacon.

Just concentrate on the things that you can control, the coverages, the coverage levels, the deductibles and maybe the most important of all......who you choose to do business with?