Insurance premiums too high?

Question

I've had Shelter Insurance since purchasing my properties and never really did any shopping. Was recommended to them by my RE agent. Curious to see what others have found in the KC area and if there are any other companies recommended.

4 plex in Blue Springs - $5,892 annually

duplex in Independence $2,026 annually

4 plex in Blue Springs - $5,892 annually

duplex in Independence $2,026 annually

John Morgan · Answer

@Derrick Gendron

Wow, that’s very high. Get more quotes. I’ve found Obie insurance has been the best for me. Very cheap (only $480-$700/year) for me with a 5k deductible. These are for SFR under 1,300 sq ft. And I had a fire last year and they paid out great including an extra 16k for lost rent. And my rates didn’t go up when I renewed recently after that claim which surprised me. But try a higher deductible, that’s what I do to get cheaper rates.

Jared Townsend · Answer

Its hard to say without more information. At the very least - age of homes and coverage limits. Better yet, get with an insurance agent you trust and have them actually review your declarations pages and take it to market. Costs you nothing and will give you concrete answers!

Tony Wilcox · Answer

Depending on the roof age, type of coverage, and deductible amount the 4 plex could be a little high. Duplex seems about right, of course depending on the items mentioned above.