How Much Insurance to Carry For a 4-plex Unit?

[Randall Prosise]

I am purchasing MF for the first time, after only buying SF condos.  I am shopping insurance for the two 4-plex units that are basically together as one 8 unit complex.  The building is in Arizona, and consists of concrete slab/cinder block construction with a comp shingle roof.  It is all one level (no stairs), does not have a pool, and no other possible hazardous fixtures to speak of.  There is one laundry room with a few machines,  The landscape is pretty basic with gravel and 4 really tall palm trees on the frontage road.  The parking is not covered and next to the complex.  The purchase price was $490k for each 4-plex.

I am wondering what the minimum insurance policy should be?  

Right now, for one 4-plex, I have been quoted: 

Dwelling Coverage: $345,000 (no personal property coverage)

Liability: $300,000

Deductible: $1000

Annual premium: $1038

Is this enough coverage?  If not, what should it be?  Is anything missing here?

Thank you for all your insight, and I welcome any quotes from insurance agents.

Randy

[Kevin Hoag]

Hey @Randall Prosise I would increase your Liability to 1mil. I do not think 300k for a 4unit is enough. The cost will be minimal to increase that number. I would also make sure to add Loss Rents minimum amount 12months of rent. I prefer to see 18-24 months if possible. Lastly, I would consider increasing your deductible to 2.5k or possibly 4 or 5k.