I'm in the process of closing on a duplex in Tulsa Oklahoma and have started shopping around for insurance. I just received a quote from Geico and was shocked that they quoted me $6,065 for a 12-month policy, is this particularly high or is it a fairly standard insurance cost for a duplex? The property I'm purchasing was built in 1975 but has been well taken care of, does not have a pool or anything else unusual about it, and is in a good part of town. If anyone has any suggestions for other companies/agents to get quotes from let me know. Thanks!
seems way high to me, i would check a few other places first.
That’s extremely high. I would try State Farm. I use Tyler McCall for all of my rentals.
@Samuel Fowler who’d you use for your duplex?
Best of luck!
Thanks @Cain Wright I was not expecting it to be near that high, but maybe that's what I get for getting a quote from a call center rather than a local agent. I'll definitely see about reaching out to Tyler for a quote.
With Insurance on the Duplex, several factors will impact the premium:
- Building limit: Higher the Replacement cost limit on the policy the higher the premium in that company
They way the loss is valued (Replacment Cost vs. Actual Cash Value or deprectiated value) will impact the rates
- Deductible: Most companies give credits for higher deductibles so that could impact rates
- Limit of Liability
- Fire protection (alarms, sprinklers, extinguishers, etc.) can lead to credits
- the owners credit history can result in credits in some companies
- Claims history of the property or the owner will impact the rates.
I suggest you look at Independent agents representing multiple companies. The combination of the factors above may make one or more companies more competitive for your property. Good luck
My recommendation is to always use an Independent Agent. They can check rates and coverage options with lots of companies for you so that you don't have to waste your time. You could have 10 rent houses with 10 different companies, but you always work with just one agent. I recommend Heidi Brown with HBI Insurance in Broken Arrow.
I own several duplexes in Tulsa. I use an independent agent Derrick Scott. He specializes in insurance for investors. He rates are typically way lower than the big guys. Not sure where yours is or the size but most of mine are under $1200 yr for premium. Pm me
I agree with the others. I’m in indianapolis and my duplex and triplex hover around 1000 to 1200 depending on zip code.
I have noticed that age of building and crime rates affect it the most.
@Kevin S. Hello, my name is Darrin Cravens and I am looking for investors.