 Insurance (by RentsDue [MA]) Dec 9, 2018 1:02 PM
 Insurance (by Richard [MI]) Dec 9, 2018 1:10 PM
Insurance (by Julie [KS]) Dec 9, 2018 1:44 PM
Insurance (by Homer [TX]) Dec 9, 2018 2:16 PM
Insurance (by plenty [MO]) Dec 9, 2018 5:27 PM
Insurance (by Robert J [CA]) Dec 9, 2018 6:09 PM
Insurance (by Ray-N-Pa [PA]) Dec 10, 2018 6:04 AM
Insurance (by RentsDue [MA]) Posted on: Dec 9, 2018 1:02 PM
Message:
I know states and properties vary, but what “ on average” do you pay per property for insurance on your rentals. I’m talking SF or duplexes, not apartment buildings. Another LL is trying to convince me that he is paying 1/4 of what I am for same coverage in similar rentals. I insure for rebuild value, lost rent and liability. No claims , no pets, newer builds.
--71.10.xxx.xxx |
Insurance (by Richard [MI]) Posted on: Dec 9, 2018 1:10 PM
Message:
I have mostly older mobil homes on land and lower value homes (under 60k value).
I carry liability, replacement cost, lost rent, 1000 deductable Foremost for the carrier. My costs about $30-45 per month per mobile. House about $45/ month.
I have a larger (1600 square ft) modular with addition and carport as well. On that one, 126K policy, same terms and it's $79 per month from State Farm. --23.121.xx.xxx |
Insurance (by Julie [KS]) Posted on: Dec 9, 2018 1:44 PM
Message:
Most of my premiums are bumping $1000/year on my shacks. Typically smaller, older 2 bedroom houses. My premiums the last 2 years are increasing at a rate of about $150/year. It wasn't that long ago I didn't really have a premium over $600/year for my SFHs. Insured for 80% replacement value, lost rent, deductibles vary. Few claims although I'm filing claims on roofs as that drops my premiums down in the $600 range. Which blows my mind. These are shacks we've picked up in the $25K to $30K range.
Shopped insurance this last spring with several companies & really didn't get any different numbers.
Was promised a big deal decrease this fall that, ahem, never materialized. Big surprise.
Compared our personal residence to a friend's out of state thru the same company. Comparable square footage, comparable terms. I'm paying over $2000/year; she's not even close to $1000. --104.128.xx.xxx |
Insurance (by Homer [TX]) Posted on: Dec 9, 2018 2:16 PM
Message:
I have fire policies, ACV. Way underinsured at around 90 k each, typical annual premium is 500 per year. These are all brick homes, except one which is the same size and shape as the others except it has wood siding instead of brick, that one cost me $1000 per year, I have several brick homes in this neighborhood, only difference is the siding. --75.141.xxx.xxx |
Insurance (by plenty [MO]) Posted on: Dec 9, 2018 5:27 PM
Message:
Each has its own policy. However your friend may have such policy as not to long ago i checked into such policy. Can't recall the name of such policy but yes it's out there and the savings are great. Suppose its a little know secret. --99.203.xx.xxx |
Insurance (by Robert J [CA]) Posted on: Dec 9, 2018 6:09 PM
Message:
For around $500,000 in replacement costs -- that runs around $600 per year. For $1,000,000 in property coverage -- that's close to $1,200 per year. All SFR. --47.156.xx.xx |
Insurance (by Ray-N-Pa [PA]) Posted on: Dec 10, 2018 6:04 AM
Message:
You need to provide more info:
Insurance can be a cash value policy
It can be replacement value
It can be functional replacement value.
What these amounts are on the same place can be 10 fold one another.
I have a place with a market value of about 2M
I could have 1.5M in cash value on it
I could have a functional replacement value on it of 4M
or I could have a replacement value of 12M on it since it was built in 1912.
The premiums for these policies will vary greatly depending on how much and the type of coverage you have requested. So I would absolutely believe it when someone says they are paying 4 times less. They are also probably getting less insurance.
The real question is what are you want in the form of coverage and are you communicating it to your agent? --72.23.xxx.xx |
Reply:
|
|