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All Forum Posts by: Coady Watson

Coady Watson has started 1 posts and replied 6 times.

Post: Seeking Insurance Broker

Coady WatsonPosted
  • Woonsocket, RI
  • Posts 6
  • Votes 0

I was able to find someone that would do a policy based on the market value and not the rebuild cost.

If thats something you want to look into try Foremost.

-Coady

@John Mocker

Thanks for the info. Very useful.

After calling 5 or 6 different places I was able to find someone that would do a policy at market values instead of the replacement cost.

-Coady

@Jason Bott @Caleb Heimsoth

 Thanks for the replys.

Im going to call a couple different brokers today and see if they can get a lower number. Ive gotten 3 different numbers so far, $800k, 770k and 690k.  The people Ive talked to so far said they have to insure for the replacement cost because it was built before 1930. Not sure if thats a state law or company policy. The house was rehabbed in 2009 though and doesnt have a lot of the historic features that would normally be in a house this old.

I just find it crazy that anyone would insure something for 3-4x what they paid. 

-Coady

I'm sorry I should have worded that better. The house is fully rented and needs no work.

But I'm being told that I need to insure the building for the rebuild cost. Which is fine. But I don't see this house costing 690k to build.

Apparently all homes built before 1930 must be insured for the rebuild cost.

-Coady

Hey all, was hoping I could get some advice from other investors in RI. Im in the process of buying my first property. Its a 3 unit multi family. Purchase price is $207k, it appraised at $235k. 

Im to the point where I need to get a homeowners policy ready. The problem Im having is the 2 companies I have talked to so far came back with insane rebuild costs. First company said $770k and the second said $690k. I understand the rebuild cost can be higher than the market value but 3 times? 

Does this seem accurate? Curious to see what others have there dwelling coverage at.

Thanks for any help in advance.

-Coady

Post: Seeking Insurance Broker

Coady WatsonPosted
  • Woonsocket, RI
  • Posts 6
  • Votes 0

Just came onto the forums to ask about insurance as well. Im in the middle of purchasing my first property. A 3 unit multi family in Woonsocket. 

Ive spoke with 2 companies so far but they are coming back with insane rebuild costs. One said $770k and the other said $690k. Seems high for a building Im only paying $207k for.

Affordable Insurance in Pawtucket, RI might be able to do what you are looking for. I have auto insurance with Progressive through them. They ran my info through multiple companies and gave me the best quote. Im assuming they do the same with home. Worth a shot.

-Coady