Insuring my first rental property

[Hunter Turner]

Hi everyone! I am closing on my first rental property tomorrow and trying to decide which insurance company I should go with. This is a 2 unit duplex with each unit having 2 bedrooms and 1 bath. I got several quotes from big companies such as Allstate, State Farm, and American Modern. I was wondering what insurance companies you have had the best experiences with? Thank you in advance! 

[Andrew Freed]

@Hunter Turner - Definitely work with an investor focused insurance broker. Getting the cheapest policy is high priority, but you also want to make sure you are sufficiently covered. Hence, when do you get quotes, make sure you are comparing apples to applies and they have all the same items including replacement costs, liability coverage, deductible etc.

Additionally, I highly recommend that you have at least a mil liability coverage on the home owners policy if its residential. It's a small increase in price but a ton more coverage. Lastly, if you have decent reserves and don 't plan on filing small claims, increase your deductible. That is another way to get good cost savings and still have sufficient coverage. Good luck on the search!