Insurance on Multi-Unit in Maine

[Mike Roy]

Hello BP Community - I am looking to insure a brick 3250 sq. ft. 4-unit in Midcoast Maine and the best quote I've found on a DP3 policy is $1,700, which includes full replacement cost of $564k, 10% rent loss, $1 Million liability, $5k personal property, $5k medical, $5k deductible.

I understand that rates vary by region, so would any New Englanders, or Mainers specifically, care to weigh in or recommend an insurance company.

Do most of you carry DP3 policies on your 1-4 units?  I took a look at commercial coverage, but it seems a bit unnecessary.

Another concern is that perhaps I don't need to insure full replacement value, but just enough to cover the purchase price and clear the lot.  Do you recommend using an agreed value instead of the loft replacement value?

I appreciate your insights!

Mike