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All Forum Posts by: Heather K.

Heather K. has started 1 posts and replied 13 times.

When looking for my first house many years ago, I had a realtor tell me that the up down duplexes are more desirable because they "look" more like a single family home.  I now own an up down duplex, only because the numbers worked on it.  It's in a residential neighborhood with mostly single families and a few duplexes here and there (all single families that were converted to up/down).  And I have to agree with that realtor of yore.  One would could never tell from the street which are duplexes and which are not. In that way I guess you could argue that the up/down duplex could... possibly... help retain the neighborhood house values.  Areas where there are many side by side duplexes tend to have lower values overall, at least in my neck of the woods.  That said, my up/down was definitely cheaper than any of the side by sides I looked at because it was a lot older and in rougher shape, yet the rents were comparable.  That's why I ended up getting the up/down.  So in the end, it's a numbers game.  Best wishes to all you duplex investors!

Hmm.  So you have no choice but to rebuild with home insurance? And there are laws about this? 
I have other houses in a different state that I only insure for the slightly over the value because it simply does not pay to build new in that area. If something happened the policy would pay for clean up and I would collect the rest and then buy another house with it, which there are plenty of in the area, rather than rebuild. That’s my replacement strategy and it keeps my premiums low.  And that’s what I wanted to do with the place in MN.

Maybe it’s a bad strategy… but at $340k the premium quote for this place is so high…

Hello all,

I am purchasing a duplex in Minnesota for $90k and the appraisal value is $100k.  I'm working on getting insurance but the companies I've called want to insure it for the replacement cost of $340k.  I really don't want to pay the premiums for that and looking for an insurance company that will allow me to insure for the value, not replacement cost.  Does anyone know a place in Minnesota that will do this?