I'm waiting on a second quote for property insurance, I close on in a week. It is in zip code 38117 a 3/2 , 1025 sq feet. I am paying $55K, value ~$75-80K, insured replacement value $100K.
My quote was $1009/year or $84 /month. I have $400K houses in Southern Utah with pools and 10 years old and I pay $60-70/month with all the bells and whistles.
Memphis investors is this a really high quote or as that the norm. Any agents and insurance agencies you would recommend? I want to insure it right but affordably.
@Joel Brown that seems high but see my other comment about my insurance. For my properties worth around 75k and 1100 square feed I pay 40-42 per month per property.
2500 dollar deductible
@Caleb Heimsoth thanks I thought it was quite high. Any recommendations for an insurance agent in the Memphis area?
I use Jan Bounds at Clay & Land. She is great!
@Joel Brown That does sound a bit high. Are you selecting maximum coverage? I'd suggest Shelter Insurance. I got a basic one year premium for $538 with a $1500 deductible on a 3/2 1800 sq ft home in 38141 in Memphis. Feel free to PM me for my agent's contact info.
@Jonathan McGee I sent you a PM about the insurance agent contact info.
Would appreciate the help.
I've got a couple of rentals in Memphis (Cordova) and I also use Shelter Insurance. Very reasonable rates.
@Ashley White Campbell my property management group got me a reasonable rate ( less than half my first quote) for nearly identical coverage. Thanks.
I just got another property insured for $784 / Year, with a value of $165,000, with a mortgage involved.
I can refer you to them if you'd like.