Rental Property Investor · Northern Virginia · Member since 2019 · 793 posts · 620 votes
Purchasing a couple of fourplexes in Dayton and Saint Louis, respectively, and am wondering what sort of coverage I should include in my rental property insurance policy? Also, what sort of premiums should I budget for?
I realize the costs may be location specific along with other factors, but would like to get a general idea of what to budget for? Also, any recommendations on good insurance companies or brokers?
Purchasing a couple of fourplexes in Dayton and Saint Louis, respectively, and am wondering what sort of coverage I should include in my rental property insurance policy? Also, what sort of premiums should I budget for?
I realize the costs may be location specific along with other factors, but would like to get a general idea of what to budget for? Also, any recommendations on good insurance companies or brokers?
Thanks in advanced for your assistance!
AJ, for a rough estimate on a single location, 1-4 unit buildings, we would apply the average "rate" to insure $100 of Building value. Current rates for combine Property and Liability are $0.40 in Dayton OH and $0.50 in STL.
So in Peter's example, he has a $0.50 rate. If you needed to insure for a higher Building limit, say $300k, then the premium would be $1,500.
Rental Property Investor · Northern Virginia · Member since 2019 · 793 posts · 620 votes
6y
Thanks for the reply! This is very helpful. A couple quotes I received were at about $300 /month for my fourplex. It sounds higher than what everyone is mentioning here.
Rental Property Investor · Dayton, OH · Member since 2018 · 142 posts · 74 votes
6y
Mine have been around $550 for properties in the $90k-$100k range. I have one older duplex that was build in 1920 we bought for $72k, and it's still around $550 due to its age and it being a duplex.