What types of insurance do yopu all recommend?

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  • Matthew CrivelliBusiness Member
    Lender · MA · Member since 2021 · 1k+ posts · 1k+ votes
    2y
    Quote from @Samson Oni:

    Which type of insurance do you guys recommend for a town house rental property? Landlord insurance or personal home insurance? I wont live there. Planning on renting per room. 

    I would let the insurance company know that the property is a rental. Insurance companies are always looking for ways not to payout polices. It's best to be upfront with them and let them to tell you what the best policy would be for your specific situation. I would guess it's going to be a landlord policy.

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  • Glen Wiley
    Investor · Richmond, VA · Member since 2023 · 459 posts · 474 votes
    2y

    You want a landlord policy, tell them exactly what you are doing with the property. I also require tenants to carry renters insurance - this protects YOU from expenses they get hit with.

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  • Owen RosenBusiness Member
    Professional · Clinton Township, MI · Member since 2015 · 678 posts · 259 votes
    2y
    Quote from @Samson Oni:

    Which type of insurance do you guys recommend for a town house rental property? Landlord insurance or personal home insurance? I wont live there. Planning on renting per room. 


     Personal home insurance won't be an option unless you are also spending time at the property.

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  • Bryan Montross
    Real Estate Agent · Crownsville, MD · Member since 2018 · 102 posts · 36 votes
    2y
    Quote from @Samson Oni:

    Which type of insurance do you guys recommend for a town house rental property? Landlord insurance or personal home insurance? I wont live there. Planning on renting per room. 


    Yeah, if it is an investment property personal home insurance will not cover it. You need landlord insurance. Talk to your insurance company and tell them exactly what you are doing.

    Definitely require in the lease that your tenants have renter's insurance for their property. Because you are doing rent by the room, if you plan to furnish common areas, make sure your insurance company knows that you also have personal property there and the value to make sure it is covered. Many people forget about that when they furnish a place and do not carry adequate coverage.

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