Financing in Portland>Question Details

Martin, Home Buyer in 97209

What is a normal rate to pay for insurance on a tenant occupied single family investment property with a?

Asked by Martin, 97209 Sat Nov 10, 2007

replacement value of $100k?

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Hi Martin. The coverage you need would be under what's called a "fire" policy, which tend to be a little cheaper than regular homeowner's insurance policies, because they have less coverage (you're not insuring personal property of the tenants, liability, etc.). Location is also a big factor in insurance premiums. For a policy you're describing, on a home in the Portland area, you can figure an annual premium of $125 to $250 would be about average. usually has really good rates for homeowner's and auto insurance.
0 votes Thank Flag Link Wed Nov 14, 2007
Hi Martin,

The best people to call for this is Frank Carroll with Allstate insurance (503-227-2721 office)
or Corey Kaster with Farmers Insurance (503-419-6421 office). These guys are amazing!

Best of Luck,

Brian Ramsay
Principal Broker
Realty Trust Group Inc
Web Reference:
0 votes Thank Flag Link Fri May 30, 2008
Well I checked with some local agents because it is hard to find insurance rates online. I'm using it to forecast my expenses for a rental so I just wanted some ballpark figures. I got 4 quotes for $100K in coverage with a $1million balloon coverage for potential lawsuits and the quotes ranged from $241/yr to $450/yr. I hope that is helpful to others looking for some average rates. These are all landlord policies so they have no personal property coverage like a regular homeowners policy.
0 votes Thank Flag Link Mon Nov 12, 2007
Martin.....check with you local insurance agent. It is going to depend on how much liability and what kind of deductible you will have. Also, is there flood or earthquake insurance.
0 votes Thank Flag Link Sat Nov 10, 2007
Pam Winterba…, Real Estate Pro in Danville, VA
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