Posted by Carrie on May 12, 2003 at 16:31:50:
Hello Scott,
I am in Venango County, PA and just got insurance on my personal residence that we will close on on May 20th. It was $429 per year. Rates have gone up slightly but your quote does seem higher than usual. I have heard that a good company to use is Farmers Mutual. I use State Farm. Shop around to see what your best price is. Good Luck.
Carrie
Insurance on Rental Properties in PA - Posted by scott
Posted by scott on May 12, 2003 at 07:50:05:
hello everyone, love the site. I am purchasing my first duplex and scheduled to close on the 20th. I am having a difficult time finding affordable insurance. They are quoted me around $800 per year on a duplex w/ a purchase price of $44000. I think that is extremely high. Is there anyone in the pittsburgh area who is experiencing the same thing or know of what companies to go with? Any help would be greatly appreciated.
thanks,
scott
Re: Insurance on Rental Properties in PA - Posted by SEAN
Posted by SEAN on May 14, 2003 at 12:36:05:
Scott,
I am in Pittsburgh, and have a few rentals, to this point all SFH. 800 for Duplex does sound a little high, but I have never insured a Duplex. I can tell you min insurance on rental properties thus far has been fairly comparable to my own home about $30 a month or so. So would assume that Duplex is probably double if it is true side by side, which would bring it in around $720 a year.
You need to go to the local real estate groups and ask around. If you aren’t already a member, they are ACRE of pittsburgh (www.acrepgh.com) and WPREIA (not sure of the URL but search for em on Google.
People there can definately hook you up to good vendors for things.
Is the closing company handling the insurance? If so its likely to high, UNLESS it is a high risk property (ie it needs lots of repairs)… you will pay a premium in those types of situations because most top of the line insurance companies won’t touch them. They tend to go with companies they get kick backs from (least that’s what I think) if they are call up your own agent and see what he can do, and tell lender/closing company you don’t want their insurance you have your own etc.
Congrats and good luck on your first purchase.