Is My Insurance Quote Too High?
Hi. I just got a quote for insurance on a 4-plex from my insurance co. that I insure everything with. They quoted $1500/yr. for a $160,000 dwelling, $1,000,000 liability and a $1000 deductible. The purchase price is $160,000 (land and dwelling). They said since it was a 4-plex it would be treated as an apartment complex. The current owners pay half of what they quoted me. Does this seem kind of high or are they in the right ball park?
Thanks!
Not an ad for any company, but shop around. I was quoted $4000 for my adjacent 3- and 4-plexes by numerous agents, then State Farm (go figure) came out of the blue and got me a policy including $1m liability for $240,000 of property for $1400/yr, so I stopped looking further.
I pay that from Statefarm with my 4-plex.