Multifamily Insurance Questions to Ask When Shopping for a New Purchase or Replacement Policy

  • What are some of the factors that will affect your policy costs? Age, location, etc
  • Does a pool increase your rate significantly?
  • How old can the roof be before the provider will refuse to cover it?
  • How important is it for tenants to have renters insurance, and does it provide a discount to owner if they require it?
  • What additional structures do we need to think about insuring? Carports, storage, etc
  • Fannie/Freddie require Minimum coverages and how they different from non-agency loans.
  • Explain ‘Ordinance and Law Coverage’
  • Business replacement insurance? 
  • Is it standard that an investor should expect to pay 10% more than previous owner?

Share

Tags

More Posts

The LERTA Program Explained

For real estate investors who continue to do value add construction projects or new developments, they know that the increased