Insurance costs? What kind?

3 Replies

I hope I put this in the correct forum, admin you can move it if needed. 

I have a 3 bedroom house in New Hampshire that I want to use for mostly ski rentals as there is a ski area nearby. In a perfect world I would get a tenant who would rent for the entire season rather than just weekly or weekend rentals.  I would also have limited summer rentals, want to keep it for y own use most of the time.

Question, Homeowners, landlord, insurance..

When I was not renting the house my homeowners was just under $800.  In trying to do the right thing I sought a policy that would be appropriate for a rental property.  My insurance agency seemed a little puzzled about landlord insurance then came up with a Policy from Lloyd's of London that was over $2000!  Yikes!  I paid it because I figured that I was kind of stuck and needed to have the proper coverage.

Well, now the renewal has arrived and it is more than $2000 again.  It makes no sense for me to pay this much, I may as well get out of the market.

What do y'all do for insurance and should it cost so much?  Is there a such a thing as landlord insurance?  Can you recommend a company that won't want $$$$$$$$$.    Thanks, ME

A landlord dwelling policy from Foremost should be similar in cost to what you were paying for your owner occupied insurance.

Talk to Tim Norris, the CEO of National Real Estate Insurance Group - they insure empty rehab properties so no doubt rentals as well - he has had a fair amount of involvement with REIA groups around the country.... great guy, too! :)

Thank you both.  James, turns out that my insurance agency carries Foremost so why I ended up with Lloyds of London I don't know. 

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here