Apartment building insurance in Burbank

Burbank has been trading. 21 apartment buildings here changed hands in the last six months, out of 1,121 with five or more units, and every one of those buyers had to place coverage on an escrow deadline using a policy they inherited and usually had not read.

What this means for a building in Burbank

• Age. The median apartment building here was built in 1962, and 66% are pre-1978. That is the ordinance and law and soft-story conversation. Why it matters.
• Size. The average building is 14.8 units and about 11,358 square feet, which puts replacement cost near $3,691,350 at $325 per square foot.
• Rent regulation. The AB 1482 statewide rent cap covers most buildings more than 15 years old, which slows a rebuild and argues for 18 to 24 months of loss of rents.
• Market. 21 buildings sold here in the last six months. Each of those buyers inherited a policy that was probably wrong on at least one of the four gaps.
• Price. Older buildings across LA County are paying $1,500 to $2,500 per unit per year. What drives it.

What I would check first on a building in Burbank

If you sent me an address here, I would start with the roof age and the claims history, because on newer stock those two decide the rate more than the year built does. Then the replacement cost, because 11,358 square feet at $325 a foot is about $3,691,350 and many policies here are still carrying a number set years ago. Every one of those is public record, and checking them costs you nothing.

Nearby areas

The same public records for the areas next door.

• Burbank (91501) 349 buildings
• Burbank (91505) 240 buildings
• Burbank (91502) 225 buildings