My first property is in escrow and I am searching for landlord insurance. Who do you have? What is your coverage and What does it cost?
@Thomas Robb - your lender will require that you carry a policy on the property - this insures you mainly against loss of the asset. Talk to your insurance provider about replacement cost vs actual cost and deductables. These are some opportunities to reduce monthly cost and still get what you need. Beyond that you should consider an umbrella policy - it is a policy that kicks in after you have hit the limit on your primary policy. Typically coverage is $1M. In my opinion the best insurance are sound business practices: make sure your property is well maintained, especially anything that involves electricity and water, make sure your property is safe, have any work inspected and pull permits, do everything by the book and document what you do, learn how to choose tenants wisely and make sure you respond to issues timely. All this will help you to avoid issues all together. You and your insurance have one common goal - never use them!
I choose to self insure. Run the numbers and see what makes sense to you.
If you choose to pay for insurance you may want to see how much more for rent interruption and tenent damage
That's for the responses people but I did clearly ask several questions. You guys might be better suited to politics than real estate.