Property Insurance for Rental Owned under LLC

[Cory LaChance]

So I am planning on putting my next purchased property under my LLC. I am shopping for insurance and I'm a little sticker shocked. The quotes are coming in around 3 to 4 times the price of my other properties (I have 4 others that are owned under my personal name). Insurance is fairly expensive where I live due to the windstorm requirements and lenders require coverage.

I was quoted $910 for hazard and $1,100 for windstorm. The replacement value is $99,000 with $300k of liability.

The property is a 2 bed 1 bath and I plan to rent for $875ish and I'll have it mortgaged around $50k when I refinance it. ARV will be around $75k

These premiums were based on replacement value and 1% deductibles. I am going to increase the deductibles, but I am not sure if I should lower the replacement to actual cash value. Doing so will exclude lost rent in case of a loss.

Any input to what others do for their rentals is appreciated. Would you sacrifice lost rent for a lower premium?