I would appreciate words of wisdom as this is my first experience with a building larger than a triplex. .
I close Friday on a 6 plex in Hamilton that was purchased for 350,000. The insurance quote from HUB is coming in at approximately 4000 dollars because it is knob and tube wiring. This includes 400 for boiler equipment which is a separate policy.
I was surprised at several things. The rate: WOW it seems high. and that HUB said yes it's more expensive because this is the REIN coverage program which is a Cadillac. I asked if they had multiple quotes and the response was no we only use Lloyds for the REIN program.
thanks for your help
Dave
I close Friday on a 6 plex in Hamilton that was purchased for 350,000. The insurance quote from HUB is coming in at approximately 4000 dollars because it is knob and tube wiring. This includes 400 for boiler equipment which is a separate policy.
I was surprised at several things. The rate: WOW it seems high. and that HUB said yes it's more expensive because this is the REIN coverage program which is a Cadillac. I asked if they had multiple quotes and the response was no we only use Lloyds for the REIN program.
thanks for your help
Dave