10 Unit Apartment Insurance Needs and Advice

[Brian Karlow]

Hello BP

I am under contract on a 10 unit apartment building in Illinois and would like some feedback from other operators of similar sized buildings as to their insurance coverage criteria and annual costs for such coverage.

The building is a two story structure built in 1963.  Non-sprinkled (smoke detectors only), electric installed in conduit as well as circuit breakers, central gas boiler and contains no common hallways ( exterior entrances to each apartment). Roof is pitched with asphalt shingles.

Thanks for sharing your opinions and experience!

BK

[John Warren]

Hi @Brian Karlow

Congrats on finding a multifamily deal! Those are few and far between in the Chicago area! 

My partner and I just closed on a 9 unit in Berwyn that sounds similar to your deal. Our  insurance is running about $2700 per year for replacement cost insurance. Hope that helps as a comparison!

John