Question about liability insurance

[William Godbe]

I'm looking to buy my first rental property, and had a question about liability insurance - I'm buying out of state, and I'm wondering if it'd be best to speak to a lawyer in my hometown about getting a liability insurance policy, or to speak to a lawyer in the city I'm investing in? If it's the latter, should I ask my realtor for a recommendation?

[Edward B.]

You need to speak to an insurance agent, not a lawyer. If you are purchasing in your name, you should be covered by your homeowner's or renter's policy which typically include liability coverage. At least mine always did. Just ask if you will be covered by an event originating from the rental. I would then consider an umbrella policy on top of that if your assets justify it and maybe even if they don't.