Insurance premium seems really high
Happy New Years everyone. I'm closing on my first BRRRR soon and have been shopping for insurance. I've gotten quotes on insurance but they seem much higher than I expected. Trying to figure out why my quotes are coming in at $2800 for a yearly premium. Here's some details:
Property in Houston TX 77009. Built in 1945. Square footage 1200. Will be vacant and under rehab for 60 days
Dwelling coverage $175k
Liability 1MM
Deductible $10k (premium was even higher before with 2.5k deductible)
Again my first deal, but based on what I’ve seen from others, seems super high.