Rental Property Insurance

[Malka Fischman]

Buying my first single family rental property in NJ ...

I got a quote for property insurance which is $800 annual premium, with a $2500 deductible. This is for coverage on a $120,000 house with $1,000,000 in liability. 

Is this a standard/ good rate? 

[Nathan Gesner]

Too many unknowns. I bought a vacation rental recently and the insurance runs $1,400 a year. My primary home is worth 2x as much and the insurance is the same. My previous house was wroth 3x as much, but I paid $1,200 a year. 

There are a lot of factors that go into what you pay for insurance. You need to shop around to three or more providers to see if you're getting a fair rate.