Insurance rates on long term rentals

[Nina V.]

Hi everyone,

I recently decided to start out of state investing. I found my city, found what I thought was a good deal only to find out insurance rates were 2X more than in my current hometown for a long term rental. Now my deal is no longer good. I am specifically looking for rates for SFH or residential multi family (2-4 units). I am asking if you could kindly share what your insurance rates are for long term rental and what state your property is in. I tried to use nerd wallet but their estimate is vague and you cannot put in purchase price/bed/bath information. If you have a resource that you can quickly check approximate rate without filling out pages of information, I would appreciate this!

Thank you kindly!

[Jonathan Greene]

Did you get an actual quote or you took the numbers from an online source? You need to find a local insurance company where you want to invest, one who insures mostly in that area, and the rates will be better than you think. I got quotes from a local company for Lakeland, FL and they were WAY lower than I thought they would be.