4 Replies

I recently purchased a duplex in Aurora, just Southeast of Stapleton.  Looking forward to my first buy and hold property.  

I am guessing this topic has already been discussed but I could not find it with my searches on BP.  My question is two fold.  What type of insurance do I need.  Are there are Riders I should be considering?  How much coverage do I need?  

Details - purchase price $220,000 - top/bottom duplex rents for approx $2000 ($1150 up and $850 down)

Does anyone recommend a company in the Denver Metro area?  

Thank you in advance for your help.

Congrats on the duplex. I have been looking for one north of Aurora for a little while. We're under contract, so hopefully it pans out. 

Most people on BP recommend a large umbrella policy in the 1 to 2 million range to protect against potential litigation. As far as specific riders, I would make sure your policy covers hash oil extraction; plenty of units in Colorado have burned down because of this. It's illegal in Denver, but not sure about Aurora.

Not sure what else you would need, so i'm curious myself. 

@Jeff Martin  

Call John Booth/Marni Morgan - Associated Agents (303) 991-7180

No one better in Colorado

Different opinions and theories on coverages and riders. I insure my rentals for as much as the insurance company will allow using their software. Limits are typically increased annually.

make sure your agent talks to you about the difference between ACV (actual Cash Value) or Replacement cost.  ACV is cheaper but again you will get a depreciated value if you make a claim.... also make sure you have medical coverage on the policies, and try to purchase the PUP from the same carrier that is insuring the structure.  When you get different policies from different carriers sometimes not everything is covered due to underlining limits or the need for underlining coverages

Hey Jeff,

I have a guy that is excellent.  He has access to many different insurance companies.  I've worked with him for a few years now.  Can I post his info here?  Not sure if that would break any marketing rules. . . . .LMK if you're interested in his contact info.

BTW, that sounds like a great cash flow deal the way interest rates are at the moment.  I'd love to know more about the location if you're willing to divulge.  Thanks!


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