Updated 2 days ago on . Most recent reply
Inherited rental properties
New to investing and rental properties. Inherited 3 rental properties, house and 2 duplexes, and plan to add on in the future. Looking for any suggestions or recommendations for home owners insurance for the properties. Any help is appreciated!
Kelly from Arkansas
Most Popular Reply
Congratulations on inheriting the properties. If I were in your position, I'd spend less time looking for the "best" insurance company and more time making sure the coverage matches the risk profile of each property. The first thing I'd look at is whether the policies include dwelling coverage, landlord liability coverage, loss of rental income, and appropriate deductibles. Those details usually matter far more than the carrier's name.
The mistake I see many newer landlords make is treating insurance as a one-time purchase instead of part of their overall risk management strategy. Since you inherited three properties, I'd also review the age of the roofs, electrical systems, plumbing, and HVAC systems because those items can materially affect both premiums and claims. Bundling multiple rentals with one carrier can sometimes lower costs, but I'd still get quotes from several providers and compare coverage line by line rather than focusing solely on price. The next step becomes understanding what risks are most likely for your specific properties and making sure you're protected before expanding the portfolio further.
Of the three properties, are they all in similar condition, or is one of them likely to need significant repairs or updates in the next few years?
- Robert Ellis
- [email protected]
- 786-494-6766
