How Is My Insurance Policy Compared To Yours?

Question

My local independent agent has carried my policies for 4+ years on these properties. How do these rates compare, should I shop around more before renewing?

Property A: Just cash out refinanced this bungalow last spring. Appraised at $48,000, needs a roof and rents for $650/mo. The policy is $734 annually.

Property B: Paid $42,000 with 20% down and have about $8,000 self-done improvements. As an appraiser, I'd say it's market value is around $90,000 now. Rent is $850/mo. The policy is $1033 annually.

Andrew Korver · Answer

Hey @Matt Lowery, happy to share my $.02.  I am under contract on two properties in Independence and Raytown and have been obtaining quotes for each.   I have Farmer's on my properties here in Portland, OR and have received quotes from a local KC branch as well.  These are 3/1 or 2/1 properties that have been fully rehabbed.

I have found that most carriers are in the range of 800-1300 annually if you are looking for full rebuild cost with a $2500 deductible.  This would be decent "broad perils" coverage with loss of rents, 300k-1M in liability, and some small medical payments to others 1k-5k.  Each carrier quoted a different mix of coverage options on these line items as well.

I found a carrier or two quoting in the $400-$600 range but am still comparing coverage info as they were drastically cheaper than the majority of the quotes I received.  Happy to share in a PM if you would like.