Home/Landlord Insurance Rates on Tulsa Buy & Holds

6 Replies

Hello all, I was curious to see what some of you were spending monthly on home/landlord insurance on your rentals. I received a quote today on a 3/2 1,400 SF home today that was $122 per month ($1,460 / year) that contained $500K in liability coverage. It seemed a bit high to me in relation to my primary residence so I wasn't sure if what I was getting sounded right. I know OK is notorious for high insurance rates, so there's that as well.

Thanks!

I have a 3/2 1200 sqft for about $900.00 per yr and a 3/2 1600 sqft for about $1200.00 per yr. Both have 300K liability and 2K deductible.  Hope that helps.

That seems really high. 

I usually ask my insurance agent to insure 80% of their "appraised" price, they usually realllllyyy overcompensate the value. ex. I buy a rental at 80k+20k repairs, they would insure for 170k or something like that. 

If you pm me, I can share my insurance agent. 

Deren Huang, Real Estate Agent in OK (#173779)

We have been encountering average 0.80% off of the property value. Thanks! 

Yeah that does seem really high. I have five similar sized properties (1500-2200sqft) in Tulsa area and they cost $500-600 each per year, with 80% coverage and 1mil liability. State Farm. As mentioned above, I also don't cover for replacement cost; if the place burns down are you really going to rebuild? Likely not but instead sell the lot and move on to another house. In that case you just need to cover the value of the property. Some landlords will cover for only the loan amount but if there was a catastrophic loss, I would at least want to get the payment for the full value of the home....and not loose my investment earnings. Note that if you go below 80% coverage you will get a coinsurnace penalty and any claims, even small, will only be partially covered.

Just shop around like crazy to find the best deal. I like to get 10+ quotes. If the properties are deeded in an LLC then you'll have much fewer choices, unfortunately. But State Farm does cover LLCs with no trouble. Farmers does too.

Good luck! 

This is over double what we pay on our rental property.   I am similar to the same coverage and cost as PJ stated above.  

PM me and I will give you our agents contact info.  

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