What Gives with the Insurance Companies??

[Ken Latchers]

I always know that getting insurance on a property was a pain. Now:

-- the statewide rates went up 23% in one year.
-- the last duplex I got, they would only insure it for sales price ($46K), not replacement value
-- the current 6 family I am closing on, a newer good shape building in a good location, the quotes are coming in near 10% of the rental price, and some were worse. I was turned down by 2 companies, one because "the primary firehouse is volunteer." Even thought there is a paid firehouse the same distance away!

I am getting "grilled" on things like 1 or 2 floors? Any decks? Do you have any of the 5 following things in your contract? Monthly? Property manager on site? And a host of other things. Nothing related to credit or prior claims, etc.

And we thought FINANCING was the hard thing to get!!!