The Five States With the Most Affordable Landlord Insurance Rates
Summary
This article highlights five states (Nevada, Utah, Idaho, Wisconsin, and Arizona) with the most affordable landlord insurance rates, which can significantly impact your cash flow. It suggests that choosing markets with lower insurance costs can lead to higher returns and offers insights into how to find these markets.
Key Insights
- •Nevada offers the lowest median premium (~$800) and a rate of $1.89 per $1,000 TIV, providing a significant competitive advantage.
- •Utah ties with Nevada for the lowest rate per $1,000 TIV at $1.89.
- •Arizona's insurance costs are still below the national average by over 20%.
- •Idaho is experiencing rapid growth, but insurance costs haven’t caught up, creating an opportunity for investors.
- •The national median for landlord insurance is approximately $1,300 per year, with an average rate of $3.32 per $1,000 of total insured value (TIV).
Action Items
- ✓Factor insurance costs into your initial market analysis to identify opportunities and avoid markets where hidden costs will erode your returns.Effort: mediumImpact: medium
Tools & Resources
- →Steadily: The article mentions Steadily as an insurance provider specializing in landlord insurance.
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