Insurance for Older Buildings

[Clay Anderson]

Hi everyone,

I'm looking at purchasing a 7 unit property, duplex and 5-plex, in Nevada. The Duplex was built a long time ago (1920's) and has had some updates over the years but still has some deferred. I've reached out to multiple insurance companies that are saying they won't insure a building that old. Verbally, another told me it would be $12K per year to insure unless HVAC, plumbing, electrical and roof were all updated recently. The current owner pays $4K per year. I've been hearing about problems in the insurance industry but this is my first time experiencing it personally. Has anyone had a similar experience? Any possible solutions (aside from just fixing everything immediately or asking for a massive price reduction)? Thanks!