Boca Raton, FL · Member since 2017 · 111 posts · 45 votes
8y
Yes, that seems high. You need to find a broker that is very good at their job, that is willing to look at 10-15 insurance companies, get quotes from them all, adjust every quote as necessary, etc, etc, etc, just to sell you one policy. They should do an amount or work that would take you weeks to do on your own. Good brokers and bad brokers are day and night, and trying to figure out what companies to call and get quotes from is time consuming and won't save you any money anyways.
Rental Property Investor · West Bend, WI · Member since 2015 · 931 posts · 598 votes
8y
are you looking at a specific Landlord Policy? I have Fire insurance with Landlord Risk through Auto Owners on each of my properties, I have $5K deductible on each one, and premiums run on $50K property $250/year for units without a solid fuel heating appliance, and $350/year with one, (I.E. wood burning Fire place) not sure what you want out of your insurance, but know what you are paying for, and dont buy crap you dont need.
Rental Property Investor · Chappaqua, NY · Member since 2015 · 1k+ posts · 947 votes
8y
I’ve recently met a NY agent I would not hesitate to recommend.
Reading this months later I wish I could have known Jack Smith back then. Jack what do you think about this?
Newburgh, NY · Member since 2018 · 14 posts · 5 votes
8y
@John Hickey the whole situation is difficult. Insurers want to make sure they get the premiums they need to support the risk. Property owners want to make sure they are paying a reasonable amount. ACV valuations often lead to problems at time of loss when the owner doesn’t understand what depreciated value means. When a property owner does understand, and has no intention of rebuilding, then it lines up. The other important issue is the liability exposure. Trips and falls are huge exposures to landlords in the northeast and often result in substantial claims. I routinely see $30,000 or more in loss from a slip.
So it’s really all about what risk you want to transfer and what you want to retain.
I'd suggest checking with other agents in the area or insurance brokers who deal with multiple insurance companies. This way you can get multiple quotes to see if that is the going rate. It sure seems high to me, but my properties are in Wisconsin and I pay much less than $1000.
what is the name of Insurance provider in Wisconsin?