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Updated almost 6 years ago on . Most recent reply

Warren West's profile image
Warren West's profile image
Warren West
  • from Coventry, Rhode Island
  • Member since Apr 3, 2019
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17
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Warren West's profile image
Warren West's profile image
Warren West
  • from Coventry, Rhode Island
  • Member since Apr 3, 2019
Connect
Warren West
  • Coventry, RI
0
Votes |
17
Posts
Buying & Selling Real Estate

Insurance Costs Coming in Very High at Close

Warren West
  • Coventry, RI
Posted

I'm in closing with a duplex that will be owner occupied.  Was expecting the insurance premium to be much lower (mortgage broker was estimating $1.2k in paperwork).  Just received some quotes and the yearly premium is just over $3k.  Clearly this is higher than I expected and would really cut into my profits on renting this property.  Is there anything I should consider that could make this lower?

A few details:

  • In RI
  • 2- 2 bedroom units
  • Purchase price is $260k
  • Built in 1920
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