Newbie in need of help with house insurance

[Jason Piazza]

Hello everyone!!! I am new to Bigger Pockets and owning rentals. In the last 12 months my brother and I have purchased 2 houses in the Cleveland Ohio area using the Brrrr method. We just purchased a third house this past month. These houses are in C and B neighborhoods.  I was informed today by our insurance agent (the same one that we use for our personal houses) that his underwriter review our policy and it is wrong because he had the structures insured under a non landlord policy. Our rate skyrocketed to $1500 a year for each property.

the properties are insured for $100,000 actual cash value

personal items loss is $3,000

premise liability is $200,000

We have our residence get renters insurance and provide proof to our insurance company.

This is with a claim free discount, multiple policy discount and paperless discount.

Is this too high of rate and what should I be paying. Is there a company anyone recommends for rental properties 

Thank you for your help!!

[Aaron Flake]

That seems like a lot to me. I recommend talking with a broker to find you the best deal. Get a plan with a high deductible to keep the monthly payment down.