Hi guys, I'm under contract for a 3/2 + 3/2 duplex in a C class area. Purchase price is $130,000. The house was built in 1980. 7 year old roof. Hvac, electrical updated after Katrina. Zip code is 70114, address is 3021 Copernicus st. New Orleans , la brick house on slab. Top half siding. I recieved a quote for $2100 a year. Is this the best I can get?
Does that include flood insurance?
@Oscar Turner Sounds a bit high, but I have no idea about how much your area (westbank NOLA) effects rates.
There are very few insurance companies that will insure non-owner occupant investment 2 unit houses. I have one with Americas Insurance ($140k insured value, premium $1500/yr) and one with Llyods of London ($220k insured value, premium $2000/yr). That does no include flood with is another separate policy.
Since the flood insurance reform laws were passed, non-owner occupant flood policies get to pay an extra $225 per policy. Flood varies based on elevation certificates, which you will need since it was built after 1970.
That does not include flood. I am moving in one unit so it will be owner occupied. I thought it was decent because my first quote was $3000. I will try Americas insurance and see what I come up with. thanks for the input.
Oscar, Who did you end up getting insurance with. I just purchased a home in the same area.