Insuring your investment property : ezLandlordForms

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Rodney B

started a topic over 12 years ago

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.

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Jessica B

said over 12 years ago

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. http://realestate.msn.com/article.aspx?cp-documentid=13108374

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Bob R

said over 12 years ago

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.

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Rodney B

said over 12 years ago

Thanks Bob. you are correct. I need to sit down with my ins agent instead of phone tag.

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said over 12 years ago

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Digital1234 D

said over 12 years ago

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Jenny R

said over 11 years ago

Investing in property is a real smart idea. I am in to the same and it has made me the beneficiary along with the clients. ______________________________________ http://www.terragroup.com/communities/doral-cay/

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Toby C

said almost 11 years ago

Landowners in South Florida are finding that the insurance premiums are not being renewed and have been increasing since a long time. If you are having trouble finding an insurance company that will cover your condo, then you can look for libertymutual.com that could be of help. However, if you have any doubt regarding home owners insurance, then the professionals of Albanesebuilders.com can enhance your knowledge regarding it.