Landlord Insurance in New Jersey
Hello All,
I am in the process of buying a property in New Jersey and am shocked at the insurance rates I am receiving for landlord insurance. A duplex is quoting me around $2000 a year and that is with only $500k in liability coverage through Progressive. I am a progressive customer with my primary residence and vehicle already. Travelers wont even give me a quote until I provide proof of a signed lease from tenants. What is everyone else here paying for a duplex in New Jersey, this is higher than I was expecting for property worth at best $250k. Any guidance is appreciated. Thanks so much for any help.
Most Popular Reply
2k sounds about right. I have 3fam in East Orange and was quoted roughly the same for similar coverage. I ended up going w Allstate. They was able to bring it down to $1500 when i brought over my auto and home insurance.