Reasonable Insurance quote

[Ryan Newport]

Recommendations for a REASONABLE insurance quote on a 3-family in Meriden? The first handful of quotes that have come my way are honestly absurd. 

[John Mocker]

Ryan,
It is likely that the Replacement Cost coverage is causing the insurance to be higher than you expect.   The Replacement Cost is the amount that the company is estimating the house would cost to rebuild from the foundation up with the same kind and quality.  Often on older houses or ones constructed of brick or stone you can find a company that will insure it for the functional Replacement Cost.  That is the cost to rebuild to the same function (wood frame construction, drywall rather than plaster, etc.).  If that does not work you can find companies that will insure for the Actual Cash Value (Replacement less depreciation).  That will often be more in lne with the purchase price.  The downside is that, in a loss, the depreciation is taken from the claim amount.  So if you have $50,000 in damage and the house has depreciated 60% you would only receive $30,000 ($50,000 x .60)).

I write a lot of rental properties in CT and have found that the best company for a property can vary based on location (fire protection differs by town and even with towns), condition of the property, and how updated the plumbing, roof, electric, heat are among other factors.  Definitely shop around and ask questions about alternatives, high deductibles, etc.