Insurance policy ok apartments - new LLC

[Brennan Vaughn]

Running into insurance quote Issues and need help.

I JV'd an 8 unit deal with someone who has other apartments, mixed used buildings and a business under another LLC.

This is my first deal. We created a separate LLC for this property together

Insurance quotes are coming in 3x-6x higher than what the current seller is paying for insurance due to new llc, property age, apartments only, etc... we’ve heard every excuse in the book! Seller is paying $1750 per year premium and our quotes are coming back at $5000+

I need some help as this would cut into operating margins. We're trying to figure out if we should try a roller over transfer of the policy to our LLC with the current carrier?

Any suggestions would help.