RCV Insurance Policy - what's a reasonable rate per sqf in 2024 (Alabama)?

[Nick Miller]

I just finished updating a rental property where I was previously paying $990 for an annual ACV policy. 

The house has now been appraised at $265,000 market value. 1908 sqft. 

I received a quote for $3492 annual policy for RCV of $270,000 which also includes liability up to $2,000,000 (see list of liability covered). This would be $291 per month. 

I have no prior claims and the house has new flooring, new roof, new everything. Smoke and carbon monoxoide detectors & fire extinguisher. 

Have I been over-quoted? 

Can anyone share the range they're currently paying in 2024 for RCV policies? 

[Luke Ostergaard]

Nick, 

I just renewed a policy on a property in Mobile, AL with premium at $3,016. Older home (1940's) and it is not newly renovated. 

RCV: $244,000

AOP Deductible: $4,000

Hurricane Deductible: 2%

Liability: $500,000

If I remember right, steadily quoted me around $4,000 for the same property so you may be able to find something a bit better depending where in Alabama you are.