Need ballpark insurance estimate
I'm trying to figure out what the insurance might be on a 20 yr old 4-plex that is for sale. Someone told me a 100/unit/month = $4800. Is this a reasonable guess for my initial eval? It seems high but I'm new to this all.
Any additional insight would be greatly appreciated!!
What ballpark do you own??
Insurance will vary a lot from place to place. I'd drive around the area, find 2 or 3 properties that are similar, contact the owner, tell them what you're doing, and ask them what they pay for insurance. Better yet, call an insurance company or two tell them you need an estimate. I'm in utah, and for a property like that would probably be $1000 per year. Good luck
Joefox:
Good to meet you. As a former insurance agent for 10 years, insurance rates vary, dramatically in most cases, from state to state. Even within a state the rates will vary depending on numerous factors such as distance to the nearest waterway and loss ratios for a given territory. Because different insurance companies have different loss ratios in a given territory, the filed rates between companies, i.e. the rates that are filed with the state insurance department by each company, will also vary. Your best bet is to call a few local insurance agents and have them give you a (free) quote.