What is the average insurance cost for multi family rental property?

The average insurance cost for a multi-family rental property typically ranges from $800 to $3,000 annually, depending on factors such as location, property value, coverage limits, and the number of units. Rates may vary significantly based on the property's risk profile, including crime rates and natural disaster susceptibility. Additionally, landlords may choose to add endorsements or riders that can increase premiums. It's advisable to obtain quotes from multiple insurers to find the best coverage tailored to specific needs.