Estimating Insurance Costs

[Brian Garrett]

I'm curious how you all estimate insurance costs when quickly analyzing and evaluating a deal to see if it's worth pursuing further. Obviously the principle and interest will be determined by your lender and taxes can be found online through the county property appraiser but what is the most effective and accurate way of estimating the insurance without having to call about each property you are simply analyzing quickly to determine if it's even worth considering? Thanks in advance!

[Tom Cooper]

Insurance costs Varies A LOT based on locale, neighborhood, etc.  Along with size, deductible, etc.  Find an insurance broker that specializes in investment real estate and they can give you rules of thumb for YOUR market.  We have companies in the Houston market that offer a single blanket policy, so once you are set up with them, you can just go online, input the info and add a property or even take it off (as in a flip) or change status (vacant to occupied).  All without talking to an agent or filling our paperwork.