How much insurance do you need

[Bruce Angel]

We are in the process of closing on our first property. It is a foreclosure. The price is 61,000 with rehab estimated at 50,000. The city said we need Hazard insurance. What type of insurance do we need and how much? This is a quote from my insurance broker. It seems excessive.

Revised quotes with building improvement limit at $60,000 instead of $125,000 and Liability limit at $500,000 per occurrence and $1,000,000 Aggregate.

Annual premiums quoted –

$1,000 deductible: $1,828.

$2,500 deductible: $1,790.

$5,000 deductible: $1,765.