All Forum Posts by: Ohad Folman

Yes CALL A NEW PM CO, explain and have them go there ASAP, before they break in and steal everything,  

@Ohad Folman

I’m averaging $50 a month on my single family homes in metro detroit and a little more for multifamily.

Detroit proper will often be more expensive just because or the “location” variable.

@Ohad Folman $550 annually for each is a deal!

@Ohad Folman

Insurance companies use a lot of different factors to calculate the annual premium. In Detroit the zip code is going to be one of the largest factors. The exact same home in different zip codes will have completely different rates. There are some zip codes in Detroit that certain insurance companies will not even offer a quote. This causes those areas to have extremely expensive insurance rates. Other than zip code your other factors that will play a large part in the rates are your credit score, your claims history and the properties claims history, Age of home and age of mechanicals, number of units, square footage, properties intended use(short term vs long term rental). If the rates you were offers are too high I suggest looking at some different insurance quotes. 

What insurance carries have you been quoted with so far?

Wow!!! Texas rates average between $1500 and $2000 per policy! You are lucky! But there is no real way to estimate rates. Depends on a number of things; Claims in the area, age of proeprties, materials used, size, financial history of buyer, claims history of the property and the buyer, and a number of other things. Best you can do is find an insurance broker that understands you want balance between cash flow and coverage that makes sense. 

It varies a lot by location.  I have rentals in two different areas.  One the insurance is $600 a year, the other it is $1100 per year for a single family with similar replacement costs as far as rebuilding goes.

It varies a lot by location.  I have rentals in two different areas.  One the insurance is $600 a year, the other it is $1100 per year for a single family with similar replacement costs as far as rebuilding goes.