Newbie investor questions on insurance policies

[Mark DelRosario]

Hello fellow BPer's

I am a new investor from CA looking to invest in Memphis (also KC/Indianapolis) and have been shopping around my local banks for property insurance for investors. I am pretty new so I am looking for recommendations on where to find good policies for single family houses in the range of 40k-70k? 

Any advice on whom to ask? I feel like just asking the banks I have a relationship with is limiting my options, and I have nothing to weigh their rates against so I am not sure if I am getting a good deal or not. 

Also, when dealing with homes in those price ranges and in these mid west markets which don't appreciate like homes on the coasts... which policy is best? Seems like actual cash value (purchase price) would be my best bet?

Thanks in advance everyone!

[Curt Davis]

You should reconsider your purchase price range.  Anything in my opinion under $60k is going to be lower quality in most cases. Even if the home was incredible with a great rehab its still going to be in a low quality area which will still attract low quality tenants giving you a statistically overall bad experience. Stay as close to $70k or higher if you can do that. 

Good luck