Insurance: Is General Liability enough should we opt for more?

[David Toupin]

Getting quotes on the apartment buildings we have under contract right now.  The General Liability quotes are ranging from $15-18k and one at $25k.  

With full coverage for flood, fire, quake, etc we are looking at about $60k premium per year because of the age and the area it is in, which completely throws off our numbers.  

What route do most of you typically take, and what is standard for apartment buildings?

Thanks,

David Toupin

[Gerald Grinter]

@David Toupin I see this a lot when insuring older buildings. Most insurance companies don't like to insure buildings beyond a certain age due to the updates or lack thereof (i.e. 15 yrs old or more depending on the company). Unfortunately, this is about what you will find depending on the size of the building. The $15-$18K makes sense on the liability side of things. 

Also, when thinking about flood, fire and quake coverage. Look at higher deductible limits as a cost savings strategy.

I hope this bit of information helps.