All Forum Posts by: Kyle K.

Better yet, call an insurance broker and they will do the shopping for you :)

If you are looking at doubles in that price range figure $1500 annually for insurance.  That depends on a few factors but, will be close enough that it won't screw up your calculations.

If this is your first investment, insurance will be an easy calculation.  Focus your time and energy on making sure your rental rates are correct, and you have a good grasp on repair costs.  Those are the tricky line items that can move up and down.

Not to long ago I did some research on here regarding insurance.  I got some good leads on Companies and Agencies to use.  I called the agency and got a quote for almost $6,000 per year.  Wow, that blew my numbers way out of wack.  I am fortunate enough to know a few local landlords and was put in touch with another agency.  They quoted be less than a third of the original price.  Needless to say, I would just take a half hour to make some calls and speak to some Insurance Agents.  Let them know, who you are and what you are thinking.  Most are more than willing to help.

Do you know any Landlords local to you that you are friendly with?  I have a couple that I just text questions to.  Not elaborate, strung out, take-all-day to answer questions but "who is your insurance agent and are you happy with them?"  Quick and to the point.  Generally, people are happy to help as long as you don't take up to much of their time. 

@Kyle K. I think your best bet is to simply call 2-3 insurance companies, and give all of them same property (123 Main St.) and see what they come back at. It doesn't necessarily have to be the property that you are closing on, but perhaps it is a similar property to what you are looking to purchase, i.e. same town, same # of bedrooms, same # of baths, approximate sq.ft., etc. That will allow you to come up with a good budget number for the future and you are already starting to vet which insurance companies will offer the best prices. By the way if you do this, make sure you are going to compare apples to apples, meaning that if one insurance company says they are insuring your replacement cost at $100,000, make sure the 2nd insurance company is at this same replacement cost. Last thing you want to do is try to compare companies that are giving you two very different coverages.

Hi @Kyle K., what part of Western NY are you in?  If you count on $70/month, that should be good enough to get you the proper insurance on a property in that price range.