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 I’m guessing part of the issue is the insured replacement value.
I’m insuring a larger home for 48 a month. Deductible is 2500. Whats your deductible? This property is worth around 60k.
Problem with my insurance program is it’s only available if you use a certain management company.
I have rentals that are insured for 100k-160k full replacement policies and pay about $50 bucks a month. I also have the highest deductible they offer because I will only make a claim in the event of total loss. You can reach out to my guy, I am just not sure if he can write policies for out of state owners even if the home is local.
Farm Bureau Collierville- Damon Juckett
I’m a farm bureau member but the guy closest to the house (about a quarter mike away) didn’t want to write a policy mainly because I got to Good of a deal on it and so it looks underpriced ??? I’m confused but what do I know.
Does anybody get the general liability policy as well or just use an LLC or umbrella policy?
I think I’m getting a bargain in 38117 zip code but everyone assumes it must be in the hood cause it’s a deal!
@Joel Brown my policy comes with 1M liability per property and 3M aggregate I believe.
I don’t have an umbrella policy, probablt add that after I own more
My Berkshire Hathaway quote has the 1,000,000 occurrence, 2,000,000 aggregate limit but looks like it is 80% coverage for $1k a year