When I called the hazard insurance company to inquire about changing the policy, I was advised to leave the policy as-is.

The deductibles are sky-high.So, instead of an insurance policy, I have then looked at:2.

(it's a detached dbl..insurance wants to write 2 different policies bank wants one policy for both props since its one morg. ) So I tell the realtor I'll send over a state contract with an owner finance offer....she says just email me what you want and i'll run it by the owners before we do a formal offer.

A new policy here is about $3.50/4.00 per thousand for an owners coverage plus the search.

3 Family Dwelling is in between a homeowners policy and a commercial property policy, what you need is called a 'Dwelling Policy' the problem with a dwelling policy is that most carriers that write dwelling policies would want to have your primary policy such as either your homeowners or personal auto policy.Evergreen Insurance & Risk Management specializes in insuring commercial real estate and they can write a 3 family dwelling without the primary.

Your agent knows more about your situation than I do, I'd say 500K but 1mm would be better, not sure you need an umbrella policy in addition to the landlord/owner's policy, but each state is different.

I think this is getting really serious and anyone that thinks our foreign policy is working is absolutely nuts.

Put a written policy in place that makes sense so that the next time you can confirm that the price was dropped (and any other changes you requested).

I already had several property notes under my name, but my wife had zero.

The way I am leaning towards is to look at it in a combination: look at number 1 and determine that it is both cash flow and net income positive, and therefore since the equity would otherwise be doing nothing that this is the good use of the equity (a positive vs. a zero), then to assess if the second property is a good decision based on number 2, and make the decision the same way I would make any purchase decision.