Investor · Southport, NC · Member since 2017 · 38 posts · 26 votes
BP, I need some assistance!
I'm closing on a 2 family in Massachusetts, 2600 sq. ft. 7 beds, 2 bath. $152k
Received my first quote for fire dwelling coverage. Premium came back at $2160/yr!
They have replacement cost at $359k, which is the bulk of the premium. This doesn't make a lot of sense to me with a property value at $152k. Anyone have an insurance company that does not do replacement cost? I'd prefer to insure around the value I'm paying and if building burns to the ground I'll just take my insurance check and walk.
Real Estate Agent · Reading, MA · Member since 2013 · 32 posts · 13 votes
9y
Hi Andrew, I have a great resource who is a instance broker I've worked with for years. They do use replacement cost, but would hurt to get a second opinion. Happy to connect you if your interested.
Lender · Tyngsboro, MA · Member since 2009 · 3k+ posts · 2k+ votes
9y
I have a company who specializes in real estate investors and provides insurance for ACV - Actual Cash Value. There is a link on my website for Property Insurance under the Application tab, or you can reach out to @Tim Norris