House Hacking Advice

[Evelin Negrete]

I am buying my first house hacking property a duplex in Winterville, GA. It is on the outskirts of Athens, GA. I am looking for insurance companies that are good and affordable. I am getting an FHA Loan with 3.5% down. The purchase price is $230,000. I need it to cover the loan amount and cover my tenants. If I could get some help because I am barely starting off any advice would be helpful!

[Wale Lawal]

@Evelin Negrete

Congrats for deciding to purchase a duplex in order to hack your house! It is important to obtain insurance that will adequately safeguard your property and renters in addition to fulfilling the criteria of your lender. To help you locate quality and reasonably priced insurance, follow these steps:

Compare prices from various insurance companies. You can utilize internet comparison tools, speak with nearby insurance agents, or ask around for referrals from other local investors. Analyse the cost and the coverage.

Seek information on combining your homes insurance with other plans, such your vehicle insurance. Bundling can lead to financial savings because many insurance providers give discounts.

Speak with nearby insurance agents that are knowledgeable about the Athens, Georgia, region. They might be able to shed light on the particular requirements and factors that apply to homes in your area.

Make sure the insurance coverage limitations adhere to the conditions outlined in your FHA loan. There will be requirements set forth by your lender that the insurance coverage must fulfil.

Take into account other coverage alternatives like liability insurance, umbrella insurance, or coverage for certain risks like floods or earthquakes, depending on the property and your situation.

Examine the insurance firms you are considering's ratings for both financial soundness and consumer happiness. This data can provide light on their dependability and level of client support.

Seek recommendations from other real estate investors or property owners in your area. They may be able to share their experiences with local insurance providers.

Remember, finding the right insurance is a crucial step in protecting your investment and ensuring a smooth house hacking experience. Take the time to thoroughly review policies and ask questions to ensure you make an informed decision. 

Good luck with your house hacking journey!