Help me understand landlord insurance
I am bidding on a $230K market price property, where I will probably add $20K of equity thereafter in form of upgrades. the land is appraised at $100KI by tax man. This will be a rental property.
I solicited quotes for landlord insurance and property liability (which I will supplement with a umbrella). The quote came in at $1,500 which is higher than i imagined. This includes $230K propeerty coverage, $10K personal property (coverage B), $300K business liability (incident)/$600K in annual aggregate (Coverage L), $600K in Premises Medical Payments (Coverage M), $1K loss of rents, and a ~1% deductible at $2K.
I have a slew of questions!
(1) does 1% deductible make sense, or should I go higher? How high? Where does putting in a claim increase rates?
(2) Should I eliminate the coverage B insurance?
(3) Is $1K loss of rent sufficient if property will be rented out at $2.2K/month?
(4) does this insurance package look standard in terms of features?
(5) anything else to make this insurance cheaper?