5+ Multi-family Insurance (MA)
I am posting here because I am hoping that more people in the know will see the topic and might be able to help me. Moderator- please move topic if appropriate.
Does anybody know any reasonable insurance provider for that kind of properties in MA? I was running out of time to close and I went with the first quote that came to me, but it is very expensive ($4700/ year on 380k property (100k land and 280k buidling). I also need flood insurance- I am currently paying $1700/ year which I think is excessive.
Help? This is eating out of my cashflow more than I like...
Thanx in advance
Have you tried your local REIA-type group for a referral? Though you can get good general info here (at TCI), insurance markets vary drastically by state and even by vicinity. So much, that you can end up with a lot of useless info as it applies to your situation. Check out this article for some helpful info:
http://www.thecreativeinvestor.com/commercial/modules.php?name=Articles&file=article&articleid=438
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Hi there,
I also own property in MA and have gone through several insurance companies. I find they are all the same and very very expensive especially if in a flood zone. I have never made a claim and I pay the bill in full at the beginning of each year.
Recently an insurance inspector went to one of my properties and knocked on all the tenants doors to gain access without even notifying me. Then I received a letter stating they were going to cancel my policy because they had no documentation of the last time my furnace was serviced. ??????????????
Needless to say I am no longer using that insurance company.
My best advice to you is call them all and get several quotes but be careful what you ask for. Cheaper usually means more headaches in the end especially here in MA.
Good luck!