Posted by Bill K. (AZ) on March 05, 2000 at 14:57:47:
Insurance costs on single family homes is a very minor expense especially if you’re not interested in holding the property long-term. I’ve paid as little as $20/month and as much as $80/month. However, I flip all of my properties. So, my insurance cost is negligible no matter which number I use.
However, as a general rule, if the property is in fair condition your annual insurance costs shouldn’t run more than $500/year. In the case where I spent $80/month, the property was in serious disrepair, and my normal insurance company wouldn’t touch it. However, once I repaired the property, they picked it up at $35/month. So, I only needed the higher priced insurance for a few months.
I hope this helps.
Bill K. (AZ)