Investment Property Insurance: Sewer/Water Backup + Ordinance/Law

[Mark S.]

I just received an insurance renewal email for a property I own that I purchased for $84,000 in Memphis, TN.

The email states that water/sewer back up coverage was previously included, but now is available for an additional premium of $70.47.

It states the same for ordinance or law coverage, which is now available for an additional premium of $35.76.

I’m assuming these additional premiums are per year. Is it worth it? I need to ask them what ordinance or law coverage is, as this isn’t really clear to me.

Deductible is $2,500, which I plan to keep in tact (if that helps in your responses). Thanks in advance.