How much in rental property insurance i be paying?
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!

On average I would budget 1% of the purchase price. I the cheapest i can get a 2-4 family is $750 For a 150k property in St louis city.
Hi @Peter MacKercher, would you mind sharing your insurance broker in STL? I'm considering switching all my properties? Feel free to PM me.
Thanks,
Dan


Originally posted by @AJ Hu: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.
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.
Originally posted by @Peter MacKercher:On average I would budget 1% of the purchase price. I the cheapest i can get a 2-4 family is $750 For a 150k property in St louis city.
Hello Peter! Are you able to also provide this information for me? I am interested in obtaining a quote for our units. Thanks!

@Aaron W. PM sent

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.