Investment Property Insurance
im in the process of purchaing a 2 unit building in chicago, fisrt of all does anyone know of any good insurance companies? it will be a non/owner occupied investment ...... how much liability should i get? i heard 1mil is the minimum. and standard replacement coverage as well as rent loss are essential. am i missing something?
thanks for all advice
designman20
This article should help:
http://www.thecreativeinvestor.com/commercial/modules.php?name=News&file=article&articleid=438
Best regards,
Tim
Just want to say thanks so much for posting that Article link as that does direct to a working URL to access the article.
1 million is what I have on all my props. Statefarm charges about $10-$15 a year for the added coverage. A pretty good deal and a good piece of mind to have.
good advice
Find an Agent that understands REI. Best to find one who actually invests...the carriers are so varied area to area, let alone, state to state...
Anything above 4 units is considered commercial and it will be harder to find greater than 80%ltv loans. There are programs out there that will allow a 10% owner carry though. I am certainly not the commercial loan expert, maybe CK will chime in here?
[addsig]