Insurance on a residential 10-plex

[Michelle Bowes]

We own a residential 10-plex in a small, safe, Nebraska rural community. Our insurance recently off-loaded all multifamily units in the US leaving us hunting for a reasonable replacement. Unfortunately, quotes are coming back at 3x the current cost ($3300/year). Can anyone recommend an insurer that is a bit more reasonable? The building is in great condition with a new roof and is professionally managed. Only 1 claim on our books. Thank you in advance!

[Jason Bott]

Quote from @Michelle Bowes:

We own a residential 10-plex in a small, safe, Nebraska rural community. Our insurance recently off-loaded all multifamily units in the US leaving us hunting for a reasonable replacement. Unfortunately, quotes are coming back at 3x the current cost ($3300/year). Can anyone recommend an insurer that is a bit more reasonable? The building is in great condition with a new roof and is professionally managed. Only 1 claim on our books. Thank you in advance!

Michelle, I have offices in NE and can say 95 % of the companies have pulled out of the market.  The ones still open to adding new policies will only insure buildings built after 2000, or 1980 (depending on the insurer), and you have to be claim free in the last 5 years.

Unfortunately, $9k for a 10u does not surprise me.  No one wants to insure these buildings in 2024.  The clients we have who have been cancelled have needed to go to the nonstandard market, like a Lloyds of London.