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Updated over 4 years ago,
Insurance for Multi-family Property in Buffalo
Hello everyone, I’m in the process of closing my first multi-family property purchase in Buffalo, NY. It’s a 4-unit property, and I intend to owner-occupy one of the units. Insuring a multi-family is new territory and I don’t know what to look out for, I have two quotes, one for 2.6K and one for 12K. While I think the 12K quote looks more “right” in the sense that it includes loss of rent coverage, it also feels very high. This is very far from my experience with homeowners insurance (in California no less) and I have no sense for what’s normal here. Hoping for a little friendly advice on this topic!