How much should I add in for insurance?

[Kevin Tait]

Hey everyone, I'm looking to invest in my first property soon, I've been running numbers on properties but when it comes to monthly insurance, I'm not sure what's an appropriate amount to put in. I know it's going to change from property to property but if someone could give me a rough estimate on how they figure it into their analysis, that'd be awesome. I'm looking at getting either a single family or up to a 4 unit. Thanks

[Tim Jensen]

Kevin,

That will depend on the age and price of the home and the amount of deductible.  My suggestion is to estimate $50 a month.  What you could do, is ask your insurance agent to give you a bid on your present home as if it was a rental.  I would shop arround, as the price varies wildly from company to company.  I use erie Insurance.

Tim