Estimating Insurance on a rental
I’m trying to find a way to estimate insurance costs. Obviously there are plenty of variable that go into a monthly premium but there’s gotta be some rule of thumb to base these numbers off.
I’ve been using $1,000 yearly for every $100,000.
Located in Middle Tennessee researching Wilson county, Columbia, and Clarksville.
Most Popular Reply
Find yourself a savvy insurance broker who understands rental investing in your area (agents and mortgage pros will have referrals). Explain what you're after and that you want a broker to work with you. Ask them to run some numbers which will also give you a chance to see how consultative and helpful they are. When you find the right pro who gets you, be sure to involve them at the front end of your purchase and then buy your coverage from them. Your goal: a mutually beneficial relationship.