# Insurance cost for fourplex.



## frdm45 (Aug 20, 2010)

Wondering if there any R/E investors who could give me an estimate of insurance cost for a 4plex I'm considering purchasing.
I wouldn't reside in the building. It's approx. 25 years old. Located in Quebec.
What would be the compulsory (liability, fire...) and what would be optional ( loss of rental income..)?

Just trying to get some rough preliminary numbers together.


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## Just a Guy (Mar 27, 2012)

I wouldn't cheap out on insurance. I know a building that just had a fire. Some people didn't have insurance and lost everything. Not only that, but there will be special assessments to rebuild as non fire related deficiencies were found. Then there were those who didn't have loss of income. He bank still wants its mortgage payments, the condo still wants its condo fees, etc. It's going to be upwards of 2 years before the building will be rebuilt. That's a long time to cover costs out of pocket. 

The one area where you may lower insurance is the contents and upgrades coverage. I find these are usually quite high. You only need cover the costs of stuff you have inside.

As for costs, call around different brokers, the costs vary a lot depending on the insurance company.


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## Mortgage u/w (Feb 6, 2014)

A fourplex in Mtl is roughly $1500-$2000.


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