How do you get Insurance for your rental property?

San Francisco, California
General Landlording & Rental Properties
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How do you get Insurance for your rental property?

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Member since 2022 · 27 posts · 8 votes

Hey Everyone, 


New to this forum. I have recently joined a new insurance carrier that specialized in rental properties (you may have heard our ad on the podcast). 

I'm interested to know more about your insurance needs - what do you care about? Is it just the price? Are you buying your insurance only through agents/brokers? that kind of stuff. 

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Ron Brady
Rental Property Investor · Burlington County, NJ · Member since 2019 · 540 posts · 771 votes
4y
Use a broker. Price is the most important. Insurance is a major expense that only buys us downside protection--unlike property upgrades, maintenance, property management, etc, from which we receive tangible benefits. Also, actually using the insurance causes the cost to go up for for the subject property and others.  Thus, even though we have it, we'll only use it in a serious situation. Thus, for us, it's all about the price.
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  • Melanie ThomasBusiness Member
    Real Estate Broker · San Antonio · Member since 2022 · 1k+ posts · 489 votes
    4y

    Hello, a great resource for fast quotes is: https://www.steadily.com/

    They too are specialized in rental properties and have a variety of products you should certainly look into!

    [email protected]
    RentWerx Property Management4.73300 Reviews
    WebsiteView Page
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  • Mitch Larrivee
    Orlando, FL · Member since 2015 · 42 posts · 32 votes
    4y

    I get mine through a broker. Price is primary concern and reliability secondary. Mostly looking to protect the investment. Personally, I'd rather be proactive on things like water supply pipes and the like to prevent any issues. I don't normally plan to file a claim, but I do want protection against a large (or total) loss. 

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  • Ron Brady
    Rental Property Investor · Burlington County, NJ · Member since 2019 · 540 posts · 771 votes
    4y
    Use a broker. Price is the most important. Insurance is a major expense that only buys us downside protection--unlike property upgrades, maintenance, property management, etc, from which we receive tangible benefits. Also, actually using the insurance causes the cost to go up for for the subject property and others.  Thus, even though we have it, we'll only use it in a serious situation. Thus, for us, it's all about the price.
    2Reply
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