I'm closing on a $70,000 SFR next week, and I've got a few insurance related questions:
Is there a consensus between Actual Cash Value and Replacement Cost Value for a property valued in the $70,000 range? (The premium difference is about $150 annually).
The company I'm leaning towards defaults the deductible to $5,000. What do you/would you recommend for a SFR at this price point? Higher, lower, or is that about right?
I was initially planning to lower the deductible, but was advised that the deductible for wind/hail can’t be lowered below $5,000 (but all other covered occurrences can be lowered).
Any insight is appreciated!
@Ryan Yetter I have a great agent in Indy I use if you are interested. I'm sure she'll be happy to answer any of your questions.
@Jeb Brilliant thanks for the reply.
I'd love to reach out and contact an agent you've had success with. Could you post or PM me the contact information?
In doing some more digging, I think I found enough info for me to decide: https://www.biggerpockets.com/forums/95/topics/761...
Do NOT do replacement value or 5k deductible. All mine are 75k value, 1k deductible and 500k liability for 525/year in Indy.
@Kevin M. Rooney so you're getting cash value policies? Can you PM me who you use for insurance?
Thanks for the input, I sent you a PM with a few questions.
Ryan Yetter an investor friendly insurance broker is key. Derek Lacy is one of them and he is local.
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