Updated over 6 years ago on . Most recent reply
Insurance Costs Coming in Very High at Close
I'm in closing with a duplex that will be owner occupied. Was expecting the insurance premium to be much lower (mortgage broker was estimating $1.2k in paperwork). Just received some quotes and the yearly premium is just over $3k. Clearly this is higher than I expected and would really cut into my profits on renting this property. Is there anything I should consider that could make this lower?
A few details:
- In RI
- 2- 2 bedroom units
- Purchase price is $260k
- Built in 1920