Property Insurance Questions & Discussions

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Roger Devore
  • New to Real Estate
  • Kokomo, IN
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requiring 100% replacement cost

Roger Devore
  • New to Real Estate
  • Kokomo, IN
Posted Jan 26 2022, 15:13

I am in the process of cash-out refinance of a property and the lending company is requiring 100% replacement cost. Is that normal for an income property? I had an insurance agent recommend 100% of the value and maybe a little more for another income property. Two thoughts, was that a terrible recommendation and is this something that would be required from most lenders? One other thought, how does one get their insurance at a more reasonable rate (besides shopping around)? I am calling a broker.

Thanks in advance,

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