Updated 9 months ago on . Most recent reply
Insurance for Rental Question
I have an accepted offer and need to get insurance now. It will be a long term rental. I have reached out to several firms and the first one came back with a very high cost. I didn't give them much to work with other than the address, and my purchase price. I really didn't know what to ask for. I can live with a higher deductible, but I need to understand how much coverage makes sense.
Some info. Fuquay Varina, NC (not coastal). Single Family 3/2 Home; property valuation per county at 267 (likely a little high). House is 20 years old (and I will be replacing the roof).
Insurer quoted (with limits shown) below. Would like some opinions on these limits of coverage. Thanks for taking a look and offering thoughts. I need to nail down insurance this week.
Replacement value of 267K (this seems high given that the land is probably 80K)
Personal Property 3K (appliances)
Bed Bug Infestation (do i have to/should I have that?) 5K
HOA Fines Coverages (there is no HOA; this can be removed) 1K
Limited Theft 3K
Ordinance or Law 26.7K (?? do I have to/should I have that?)
Vandalism or Malicious Mischief 267K (????? what is this)
Water Backup and sump overflow (10K)
Premises Liability 1MM per occurrence 2 MM aggregate (this seems high; but then again I carry an umbrella on my own home; so maybe this is right given I can't control who goes in and out of the rental besides my tenant)
Medical Payments 1000 per person/25000 per occurrencee