OfflineI am pushing forth with efforts to buy 5 BR (11 rooms) house which is currently part residence/part lawyer office with plans to convert it to a boarding house having 12-20 tenants. I have all my operating expense figured out except for insuring the house (damage, personal litigation, etc).
I have called around to 3-4 national companies, but they say they don't do those type policies.
I was told I need commercial insurance, best to be obtained through a local independent agent. I have one quote coming to me soon(possibly)if the local independent agent can find an underwriter company to take it on. But I would like to get 2-3 comps/quotes because of the variety of pre-policy questions they are asking me. I think they are over exaggerating what I plan to do, which could drive up the price of my entry level insurance policy. (I am trying to minimize my operating expenses)
Is anyone out there aware of an insurance company or underwriter that will take on and insure my boarding house property???
Thanks everyone for your time.
"Have I not commanded you? Be strong and courageous! Do not tremble or be dismayed, for the LORD your God is with you wherever you go.” Joshua 1:9
I know someone in the insurance industry; will contact them on Monday the 28th about your situation.Fdr989gnd, Feel free to PM me on the 29th or I will get back to you then.
anita Page
an insurance broker or property management company to see if they know of anyone. I have a friend who runs a boarding house, but it is overseas, so that wouldn't help to ask them.
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I work for an independent agency in Minnesota. They deal with many diffrent companies. Try Phillidelphia insurance company. They deal in hotels bed and breakfasts resorts and i think that a boarding house fits in that catagory as well. I will also check who else might insure those kind of things.
" Not Having a goal is more feared than not reaching one"
Christa Niven
I've been using an insurance group that insures all types of commercial properties. I like them because they make it easy to add a property, turn one from a renovators policy to a renters policy, drop the flip you just sold, etc. They're call Affinity Group Management. (try affinity gm (dot com)
I have found these policies are more expensive than your average homeowners policy, and the deductable is much higher.
Thanks to all the commented to my question: artdecodancer.Niven3 and mbjoseph. I am making contact with your recommendations and will see what they offer. Thanks.
FDr
"Have I not commanded you? Be strong and courageous! Do not tremble or be dismayed, for the LORD your God is with you wherever you go.” Joshua 1:9
Your welcome
" Not Having a goal is more feared than not reaching one"
Christa Niven
Investing in property is a smart and safe idea. Buying property is a craze these days. Therefore, property investment insures profitability.
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