I have a rental property in Decatur Atlanta and have received a landlords policy quote which seems to be very high to me or at least compared to here(WA)
Just wondering if anyone else has some comparisons, here are the detailsCoverages Total Coverage Amount Amt Deductibles Premium
Dwellings $168,000 $1,000 $1,148
Personal Property $1,000 $1,000 $17.00
Loss of Rent $16,000 $92.00
Premises Liabilty $300,000 $83.00
Medical payments
Fire Three- Landlord
Georgia Mold coverage Limits $5,000
Replacement cost – Dwell incl ordinance/law $20.00
Water backup of sewers or drains $75.00
Total $1,435.00
One of the US guys can most probably guide you better but the bulk of your policy cost is covering the $168k value you have nominated for replacement cost of the property.
You do need to cover for the value but only up to 80% (not absolutely sure of the %) of the replacement value or else the insurance company reduces the payout cover. None the less at $60 replacement cost you are covering for a 2800sf property and at $80 replacement 2100sf.
The other thing that is really different from an Oz police is the liability with an Oz policy having $10mil cover included. Notice in this policy you only have $300k – big difference.
Thus far we have paid in the vicinity of $1000 per policy.
Regards
That's looks about right when you are going to insure it for 168,000
Thats the money, If vacant its more$s if tenanted less $s , if you own 4-5 properties you could deal better $s.
Just checking out my insurance on one of my properties in Atlanta
$168,000 – premimum -$896 per annum
Also include premises liability $500,000
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