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Insuring your investment property

Being a newbie, just wondering if I should insure my investment as I would a vehicle? Meaning as long as the property  has  'open financing ' should I insure with 'comprehensive' and not just 'liabilty'. Then drop to liabilty after the bank is out of the picture.

Rodney, it's always best to speak with your insurance company. It's not really a cut and dry answer. This is a useful article... "Protect yourself against the impossible," McDavid says of insuring rental property. "You need as much (coverage) as you have on your automobile driving around." Also, most experts recommend requiring tenants to have renters insurance. The owner's coverage repairs and replaces only the actual structure and many times the appliances, but not the tenant's belongings.
I’m not sure why anyone would compare auto insurance to property insurance (apples & oranges). Call your insurance agent. Ask him/her about fire and personal property coverage for “rental” property. Ask about coverage if property becomes vacant due to vandalism or fire, for example. This will cover your rent for a period of time. Ask about “Umbrella” policy for 1–2 million. The approx $300k they offer is (I believe) low if someone sues you. The Umbrella policy may also cover your own home and if you have a car accident. If you're in an accident or someone gets hurt in your home/rental and they find out you have rental property, ypu'll understand what I'm talking about. Two remaining policies – Floor & Earthquake. If you have a mortgage, Flood is required by the government via the mortgage company/bank. Both Floor & Earthquake have very high deductibles, so you may want to think twice about them. The last policy could be mortgage life insurance which pays off the mortgage upon death. If you’re interested in that one, give a holler.
Thanks Bob. you are correct. I need to sit down with my ins agent instead of phone tag.
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