Reasonable property insurance annual cost

[Ohad Folman]

Hi everyone, 

I'm pretty new here. Recently bought two properties (single and a duplex) in Detroit MI. Looking to insure them (under my llc). I got a quote for $550/m for both. Seems high. It is up to $1m for each property while the the value of the properties together about is about $250k. All perils is $5k, excludes earth movements, floods and the rest storms and wind/hail is 2%. Liability deductible is $500. co-insurance is $0 covered loss is basic.

Any suggestions how to get a more reasonable insurance or are these numbers pretty much what one should pay for the location/property?

[Cameron Moore]

Quote from @Ohad Folman:

Quote from @Cameron Moore:

Wow!!! Texas rates average between $1500 and $2000 per policy! You are lucky! But there is no real way to estimate rates. Depends on a number of things; Claims in the area, age of proeprties, materials used, size, financial history of buyer, claims history of the property and the buyer, and a number of other things. Best you can do is find an insurance broker that understands you want balance between cash flow and coverage that makes sense. 

Not sure I'm lucky as both policies together are around $6500 per year.

I miss read that as per year! My mistake, you are not lucky. But make sure an insurance broker that you trust is in your network!