Real Estate Consultant · Washington, DC · Member since 2017 · 34 posts · 27 votes
I’m looking for recommendations on a good property insurance company for a Townhome I’m about to close on. The quote I got from GEICO was $1600. That seems a little high for a rental. Almost twice as high as my personal home insurance.
Any recommendations?
Also, I’ve heard about getting umbrella insurance up to $1 mil since my property won’t be in an LLC. Is that something I just ask the insurance company to tack on? Or is it completely separate?
(Excited. Hopefully I’ll close on my first rental by Christmas!)
I found safeco to be fairly competitive. I pay $750 on a townhouse valued at $275k. You can go with a broker and they can shop around for you.
Would be interested to know if there are other better companies.
I found safeco to be fairly competitive. I pay $750 on a townhouse valued at $275k. You can go with a broker and they can shop around for you.
Would be interested to know if there are other better companies.
$750/$1600 both seem to be high for townhouse single unit. In Kansas City, $450 for townhouse valued at $140,000. Would shop around and ask them if they can give you a good deal. Also purchase multiple rental properties as a bundle would save a lot too.
Thank you all for your help. I was able to get a recommendation from my mortgage lender for a home insurance company. The final quote came out to a little under $800.