Bought at $71k plus 5% buyers premium.

Even in the best of markets, new construction will always be a premium typically 15%.

They are here in town, but they are at a premium.

If it is not and misrepresented or information accidentally omitted then the carrier can deny claims, adjust the policy premium for increased risk, or terminate the policy all together.    

With all of the high-price construction and incredibly high percentage of rental property investment in this area, I know that GC's won't come cheap and that a good GC is worth the premium.

The marketplace is pretty competitive right now, so I don't see these claims raising your premiums too much. 

What are the odds you'll sell to an owner who might fall in love and pay a premium and not an investor who will try to cut a deal?

When are the premium that you bid over the taxes due?

@Rob Bianco $4k for $1M coverage is not a great premium for class A Properties.Paying more for insurance because your out of state, or because they are not titled in your personal name, has more to do with the company your getting quotes from than anything else.BP is full of out of state investors paying less for insurance in the KC market.Now the seller may be insuring the buildings for much less.  

There are some carriers that the premium is fully earned and others that allow for a return of premium if the policy is cancelled sooner.