Need an Insurance Company, Please Help

[Jeff F.]

Hi All -

I'm currently under contract for a 7 unit building that I think is a great opportunity (meets the 2% rule even!) I got it at a great price because it's a bit run down and in need of some TLC, and that is causing issues closing the deal because I cant seem to (yet) find anyone willing to insure it - even just for purchase value.  All of you insurance pros or people who have dealt with someone similar, please let me know what rock to look under. I've called at least 10 agencies. 

Some Stats:

Year built: 1916

Wiring - Not updated

Roof ~3 years Old

Plumbing - Not Updated

Heat - Gas/Forced Air, updated ~ 2 years ago. 

Approx 3500 sqft

[Jason Bott]

@Jeff F.  a few questions that will determine what program you may fit in.

What will the occupant limit be at time you take possession?  Too little and you could need a vacant building policy.

If it will be fully occupied, what will be updated while occupied?

No one likes fuses, so if you have them, you will have insurance issues until you update to circuit breakers.

These will help insurance agents guide you in the right direction.