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Updated over 6 years ago,
Insurance on a 6 plex - 5K?
Hi
I own several multi family buildings in Central / North Florida and for example on an older duplex I pay $700 a year for insurance, which I feel is a good deal. I am under contract for a 6 plex (built in the 1920's) in a different city but in the middle of the state as well and I am getting quoted for 5K a year for insurnace.
Is this what everyone is experiencing and any alternative ways to get some relief from that premium? I'm a higher risk kinda guy, would really just want to make sure the loan would be paid off. My other properties generate enough I don't need to worry about loss of income. Not sure how much these items impact the premiums. We tried changing the deductible levels but it didn't do much to the premium.
Thanks for any suggestions.