Difficult time finding insurance for a 3-family

[John Micco]

I am having a hard time finding insurance underwriting for the three-family that I am purchasing:

https://www.redfin.com/PA/Pittsburgh/7209-Penn-Ave-15208/hom...

The only policy I could get a binder on was from Tapco in North Carolina with a $10K deductible for $5500.  

How do I find out why I am having difficulty getting insured?  The property is 100 years old but has updated wiring, plumbing, and units.  

Does anyone have any leads on agents or other companies I could try?  I tried with my agent, Allstate, Odie and Honeycomb.  My agent found only Tapco would underwrite the policy.

Thanks in advance!

John

[Owen Rosen]

Work with a knowledgeable independent agent.  Trying to go to companies directly is rarely going to be your best bet.  Is the Tapco policy with an admitted carrier?

[John Micco]

No the carrier is not admitted in PA.  I used a local independent agent and when this was his best answer - I tried to shop for other options and came up empty so far.  Got a quote for $4000 but it failed in underwriting.

[Owen Rosen]

Quote from @John Micco:

No the carrier is not admitted in PA.  I used a local independent agent and when this was his best answer - I tried to shop for other options and came up empty so far.  Got a quote for $4000 but it failed in underwriting.

 I notice you mention updated wiring and plumbing.  How old is the roof?  Why did it fail in underwriting?  Seems like we might be missing some key info here.

[John Micco]

Hi Owen, 

We did a home inspection and the roof will need to be replaced soon. It was repaired last year but needs replaced within 3-5 years. I am counting that as part of the ROI. The particulars are:

Total SF: 5160

Roof: Shingles, replaced 2001

Plumbing: Mix of PVC and Copper, updated in 2014-2023

Heating/ cooling: forced air, 3 furnaces replaced in 2014-16, one AC replaced in 2014

Electrical: has been updated periodically from 2014-2023. All knob and tube has been removed from property. 

Detached Garage: 1800 SF, brick. Roofs replaced 2016

[Greg Kasmer]

John - I would check with Steadily (associated with Bigger Pockets). I used them earlier this year for an insurance quote with a quad I purchased and was very happy with their service and price point. Good Luck!

[John Micco]

Hi Greg, thanks for the lead.  I had already posted on their website, and I just got an email from an agent there.  I still have some time to see if I can beat the $5500 price.

[Owen Rosen]

I'd recommend working with an independent agent.  Our agency happily works with Steadily but we are able to shop around to find the best value for your situation without any bias.