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Updated about 2 years ago on . Most recent reply
Way to Estimate Insurance
Most Popular Reply
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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.
- Katherine Serrell