Insurance premiums rising??

[Nate Cade]

Just received some recent updated quotes for insurance premiums for rental properties. Renewal is more than 60 days out, but the numbers are redonkuless. Up 150% from before. 

Anyone else seeing these rapid increased rates? They want $3000 for a property worth $150,000 (at best) with rent far under.

Any suggested insurers or agents??

Nate - Milwaukee

[Nate Cade]

Quote from @Tom Fidrych:

Quote from @Nate Cade:

Just received some recent updated quotes for insurance premiums for rental properties. Renewal is more than 60 days out, but the numbers are redonkuless. Up 150% from before. 

Anyone else seeing these rapid increased rates? They want $3000 for a property worth $150,000 (at best) with rent far under.

Any suggested insurers or agents??

Nate - Milwaukee

What is the replacement cost of the property? There are a fair amount of locations in the country where the home values are selling far below replacement value.

One of the risks or issues with not keeping the rents close to market is that your cost of repairs, insurance, and property taxes are grinding higher each year and your net is going down. Additionally, more localities are capping rent increase percentages and you don't want to end with your hands tied and rentals significantly under market. 

 Not the case here. I bought the property in Dec. 21. The insurance was $1900, and now they want $3000. Just need to find a different insurer. No losses, no issues. New roof/new furnace. Nothing to suggest issue. Property is old (built in 1890) but solid and well kept.