How much are you paying for insurance in WI? And other questions.

[Elliot Saks]

Hi folks,

Looking to close on my first commercial multi-family in Racine.  It's a hundred-year-old six-unit brick building in decent shape in a B neighborhood.  I've gotten several quotes ranging from $2k-6k a year.  Why the huge discrepancy?

In general this area seems really expensive to insure (every quote I get is around $1/sqft for the year, which is nearly 3x what I pay in California) so I wanted to check with some of you folks. The reason for the super high quote is because the "rebuild cost" is somewhere in the $600k-$1mm range even though the building's ARV is like $250k.

What are you paying for insurance?  I know every building will be different but surely $500/month for a 4500 sqft building is too much.  Can anyone recommend a local insurer who will get it right?