Way to Estimate Insurance

[Noah Stauffer]

Hello All!  First post here, so hope this isn't a dumb question lol.  I am trying to get in some practice analyzing properties, and I was wondering if there is a good way to get a fairly accurate estimate of insurance without having to call or email an agent.  I am not currently in a position to buy a property (educating myself in the meantime), so I don't want to pester people.  Any tips are appreciated.  Thank you!

[Katherine Serrell]

Not a dumb question! In my opinion, the best way is to just call a local broker. Insurance depends on so much including the specific property. The state/city, type of property, age of the home, location, cost to rebuild, flood zone, age of roof or major systems, your deductible, etc. all factor in. I would identify the area or a few areas you are looking to invest and just call 2-3 companies and give them an example property to get a ballpark idea. The biggest, most common factor that I can think of that can really drive up the cost is if the property is in a flood zone which you should avoid anyway.

Just a tip, when practicing analyzing the numbers, if the math is so tight that the insurance being a bit higher than anticipated is what makes or breaks the deal then that is probably a good indicator that it is not a good deal in general.