Homeowner's Insurance on rental properties

[Sarah Buchanan]

Hello!  I am preparing to purchase my first rental property and am wondering two things:

1) What does an AVERAGE BALLPARK monthly homeowner's insurance policy run? (I realize this varies widely based on location, size of home and a multitude of factors - I'm looking only for a ballpark average)

2) I'm curious if there are any certain insurance companies you've had particularly great success with regarding homeowner's insurance on a rental (great rates, good offerings, etc)?

Thanks in advance!

[Jacob Passmore]

Howdy Sarah! The formal name of the type of policy you will be looking for is a DP3 (dwelling fire, landlord insurance, some other geographically radical names).  A very vague estimate for cost would be about .95c per 100 of total value of insurance (100k home/100=1000*.95=$950 annually). There are dozens of factors that could make it more expensive or less expensive than that, but it's an average ball park! 

As far as carriers go, that can vary fairly greatly geographically as well, you may find it best to contact an insurance broker who has access to multiple markets for Real estate investors!