Insurance
I am about to close on my first rental property and am still figuring everything out.
What type of Insurance do I need - Obviously the lender is requiring Fire/Hazard coverage; do I also need a separate liability policy? If so, with how much coverage?
Is there a better place to get insurance on rental property then local agents. I have called several and about 1/2 of them told me they did not do coverage on rental property. The quotes I did get were for higher then I expected. More then I am paying for homeowners insurance on my house in the same area – and it has greater value and more coverage.
What else do I need to know about Insurance?
Thanks for the advice!!!
Hopefully this articel will help you:
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=438
Best regards,
Tim
Landlord polices here with the majors (Allstate, State Farm). Is like what you would get for your home, but without content, and with rent loss, slightly cheaper. Local broker for properties held under corporation (LLC in my case), majors won't touch corporation owned rentals.
Nationwide will write corporately-owned rentals on a commercial contract in many of the 15 states in which we operate. The underwriting is tight, but can be done...
There are aso other "non-Majors" that have solid landlord packages for properties owned "non-traditionally".[ Edited by norrist on Date 07/19/2004 ]