Insurance... Am I Paying Too Much?

Am I paying too much?

The house is insured for $60K. It’s got $1K toward personal property and $100K liability. Farmer’s is charging me $1,099 for this. (I’m in Texas).

Am I paying way too much, or is this in line with what y’all pay?

Way too much for your coverage. I just got quotes on my house $250,000 on the house and $50,000 contents and $100,000 liability for $647 per year. I got other quotes and three from Allstate were $700, $1200 and $2400. The one I choose is a Farmers Agent but writes for others as well. His contact info is below.

Michael Sanders, Insurance Agent
Office Phone: 512-458-1448
Pager: 512-490-8389
Office Fax: 512-458-4120
www.sandersins.com

good luck

That’s an owner-occupied though, right?

These are tenant occupied. I need to compare apples to apples.

Anybody else?

Adam,
I’d make some more calls - sounds high to me :cuss , but I don’t know all the particulars.

http://www.texasrealestateclub.com/forums/phpBB2/viewtopic.php?t=117

My insurance guy quoted me $266 on a $92K rental property I’m buying. I can’t find anyone who can even touch that rate. (Farmers was the 2nd lowest at $497.)

He also suggested I add a $25 endorsement to my personal home insurance (HO-A) that will extend the $300K liability on my home to any rental properties I own. I believe the endorsement # is 225 or 255.

Also, will be purchasing a $1 million umbrella policy for $199. Farmers was the best rate I could find on that coverage.

Hope this is helpful.

hi
i am new to rehabing and my husband and i have bought our first rehab last month. we’re in central nj and our insurance is way high. it is more than double for 6 months than our home we live in is for the year… the agent said it’s because it is vacant. any advise on insurance for rehab?

           thanks
                 janet

I had a 2 unit rental I paid 406.00 a year for 125,000 coverage. My policy was through erie insurance and I live in pa. I have house insurance with allstate now coverage is 160,000 and I pay 250 a year. Not sure if it helps or not.