4-plex Insurance in MA.

Myself and two partners are looking into picking up our first 4plex. We are looking locally in MA, and we’ve searched high and low for somewhere in this godforsaken state where property is still affordable. We have, after a long search, found a couple of 4plexes that we thought were positively geared. But, all the hazard insurance quotes that have come back have been in the 4,000 to 6,000 range which makes these deals not make much sense.

All of the companies that i have talked to said that the number of insurances carriers that will write policies on 4 plex property have greatly declined recently, and, moreover in Massachusetts, anything more than a 3 family is now being looked and by insurance companies as “commercial property” Does anyone know any more about this recent change? I spoke to 4 different insurance carriers and have recieved quotes from all of them now, and these numbers are WAY more than i had anticipated… Has anyone else run into this?

If thats the way the insurer is looking at 4plxs then there not much you can do. Have you thought about buying 2 fam and 3 fams instead? dorchester is an area I have found that seems to be decent for rentals. I am in wellesley and work in worburn.
Best Regards,

 I'm sure by now you must have closed a deal, but man, $4000, $6000 !!!??? That's alot man!  Is this owner oc or investment? I'm in Worcestor county & that's insane for a 4 unit. Owner oc $1600, Invest $2200. Should be around there.

         Dorchester ??? That's a rough city. That's like saying Compton's a great rental area,heh

Yeah… Dorchester is tough. If you can figure out some place thats affordable in MA, you can let me know cause its ridiculous. I know towards the north…Haverhill, Lawrence… they are FAIRLY cheap… but not much better plus its away from the city which makes it less desireable I think.

Anyone know where I can get a listing or find out about home shta tneed minor rehab…