I am in the process of purchasing my first property and I really under-estimated the insurance cost... I am buying a property for around 150,000 that includes a single family home (very small) and a conversion 4 plex. The insurance cost came in around $235 per month for insurance that would pay replacement cost OR the agent also offered ACV coverage which I understand to be paid out as the cost of the item at the time for $177 per month. Is this high? Any thoughts would be appreciated.....
Seems a little had for the cost of the property. Per door it doesn't.
Do they have the right estimate for replacement value? Sometimes they don't include the right materials like wood frame versus brick.
Its very high for the purchase price. But the replacement value will almost always come in higher than the purchase price.
@Nicholas Young that does seem high. I'll send you the names of the companies I am using with my Nebraska investors.