Thoughts on Multi-Family Insurance Coverage (Atlanta)

[Azeez K.]

Dear BP Members

Current Situation: Own a multi-family (4 unit) property. Below I have listed my coverage and insurance premium.

Coverage A - Building(s) $454,000

Coverage B - Business Personal Property $20,000

Coverage C- Loss of Income - 12 Months [actual loss sustained]

Coverage L - Business Liability - Per Occurrence $500,000

Coverage L - Business Liability - Annual Aggregate $1,000,000

Coverage M - Medical Expenses $5000

Premium - $2,100

Ask:

1. Are insurance premium and coverage inline (High|In-Line|Low) with what some of the other seasoned investors are seeing with their Multi-family properties? Are there things in my coverage that I should adjust [up/down/remove] based on your experiences?

2. Are there any insurance companies in Atlanta that BP members would suggest I reach out to? The only insurance company I could successfully find was StateFarm and it seems there prices are on an upward trajectory?

3. I am in the process of buying another MF and have read that some investors buy an umbrella policy to cover their different properties. Is buying an umbrella policy a standard practice amongst fellow investors?

Any guidance and thoughts are greatly appreciated.