Local PNC Insurance....How much do we actually need?

[Joseph Ortiz]

Hey everybody, We are rehabbing our first buy and hold investment with the BRRR strategy in mind. Here is our first quote on adequate insurance for the property. Does this sound right? Seems high for just a simple PNC quote. I deal with more protection for my business since I'm a contractor but this seems a bit overkill. Carrier: Scottsdale Six-Month Premium: $1179.56 25% minimum earned premium Coverages & Limits: Commercial Property: $125,000 Building Limit – Special Form excluding theft; $2,500 deductible; Replacement Cost Coverage; 80% Coinsurance Commercial General Liability: $1,000,000 each occurrence; $2,000,000 aggregate limit Products-Completed Operations Excluded; Designated Premises/Project Limitation included. Conditions: All subs must carry equal or greater limits of liability naming insured as Additional Insured, hold harmless contract in favor of insured, with Certificates of Insurance. Thank you in advance for your consideration.