How much do you pay for Landlord Insurance?

[Jordan B.]

Hello,

I just received a Landlord Insurance quote from Liberty Mutual for $2,707. Does this seem high?

Background:  

2-Family Built in 1896

Located in Cincinnati Ohio

Updated Plumbing and Electrical

I will not be owner-occupying the property

What insurance companies should I try next and what questions should I be asking?

Thank you,

Jordan

[Jason Bott]

@Jordan B. 1st, depends on how much building coverage you are buying.  For $100,000, $2,700 is very high, for $500,000 it's a fair price.

Also, Replacement cost on an 1896 building will be double what an Actual Cash Value policy will be.  It's up to your risk tolerance if you feel comfortable taking the extra risk for the premium savings.