How much insurance do I need?

[Joe Edwards-Hoff]

I'm buying a 10 unit apartment for $350k. (There is also a SFR along with it). How much insraunce do I need to get for this thing? I have the previous owners policy to compare to, and I am being "told" what to get from the local Farmers agent, but I wanted to hear from the pros.

What is required? What do you advise? Is there a place where I could save money and opt out? It's my first apartment/business investment.

[Mike B.]

Joe I would get an opinion from several insurance companies to see what's recommended. I don't have a large 10-unit like you, but I've owned a duplex and a few SFH rentals (even currently). I carry mid-tier insurance coverage on the rentals and also I have a large umbrella policy just in case. A good (and more importantly HONEST) insurance agent should be able to guide you in the right direction.

Speak with several agents.. see who makes the most sense and is looking out for your best interests.