Need Insurance Broker for BiggerPockets Study!!!!!

5 Replies

Hello BiggerPockets community,

I am currently working on a study for BiggerPockets and I am having some trouble getting up to date data for average insurance rates across the country. 

For example, what is the average property insurance rate that an out of state investor would pay on a duplex in Denver? 

If you or anyone you know has some insight, please let me know. Any help is greatly appreciated! 

Best,

John

Originally posted by @John Vela-Garcia :

Hello BiggerPockets community,

I am currently working on a study for BiggerPockets and I am having some trouble getting up to date data for average insurance rates across the country. 

For example, what is the average property insurance rate that an out of state investor would pay on a duplex in Denver? 

If you or anyone you know has some insight, please let me know. Any help is greatly appreciated! 

Best,

John

John, trying to guess that # is as easy as guessing the average investors mortgage payment across the country.  So many variables....

If I had to offer a country wide average/range, I’d say $400-$800 per unit depending on location.

I’m happy to jump on a call tomorrow if you want to dig in deeper.

Best of luck with it

 

There are a ton of variables to this question. You have the replacement cost and so those cost very. You have different deductibles. You have a size of portfolio discount as well and posential discounts for more insurance services held by the same insurance company. I own in multiple areas of the country and these above issues are the things th at dictate rate. On larger complex’s I’m paying around $400 a door yearly buy on smaller complexes as much as $700  

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I agree this needs to be broken down by region, property type, coverage, etc.  It would be nice to know if they (the insurance companies) allow public access to data but I doubt it. You also have to take into consideration the investor themselves.  Are add-ons factored into the total premium for the study (aka umbrella policies)? Then you might also have other factors such as flood zones. I'm not sure how hurricanes, tornado, and fires affect the regions as well.  

If you get the data I'll be glad to help with the analysis - curious as well as to what the normal investor has for insurance vs maybe a more risk-adverse one. 

Good luck!

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