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Updated about 3 years ago,
Insurance questions - SE Wisconsin only (Milwaukee area)
Fellow Milwaukee landlords - I recently purchased a duplex on Milwaukee's southside (actually, two single family homes on same lot, very common in that area). Happy with the tenants I inherited and am doing some reno.
My issue is that I had my agent obtain insurance for both properties - I was quoted $2300 for one property (2 bed, 1 bath) and $2600 for the other (4 bed/1 bath). Rents right now are $715 and $750 (will raise when I can). Both houses were built circa 1895.
My agent tells me these are standard prices, but it seems really high for insurance on a rental. I did purchase full replacement cost for insurance, rent protection and $500 premises liability and $500k for landlord protection (in an LLC, though).
Thoughts on cheaper insurance?? Time to dump my agent??