Landlord Insurance Recommendations

General Landlording & Rental Properties
1yFollow

Landlord Insurance Recommendations

Sean Petrash
Member since 2019 · 8 posts · 0 votes

This is my first property with tenants. It's a duplex in a Class C-D neighborhood. Property value $150k give or take. Gotta start somewhere! Each side should rent for $1k/mo. 
Do I just get a general liability/homeowners insurance policy from one of the big companies like geico or progressive? 

Thanks!

0Reply
38 views

Most Popular Reply

JD MartinBusiness Member
Moderator
Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
1y

The easy answer is to first call your own insurance company and see what they have to offer (assuming you use an agent). When it comes to any kind of commercial insurance I would highly, highly recommend you use an agent rather than a phone center, DIY insurance company. Right now I have almost everything insured through Erie (they don't offer in every state) but I have used State Farm, Allstate and Lloyd's of London as well. All through agents - I want an individual I can call that I know personally to give me answers to questions or help shepherd claims through. 

Podcast Guest on Show #243
Skyline Properties
View Page
1Reply
See this reply in the discussion

9 Replies

Jump to latestLatest
  • Greg M.
    Rental Property Investor · Los Angeles, CA · Member since 2017 · 2k+ posts · 5k+ votes
    1y

    Kind of. Just go online to the major carrier sites and quote a LANDLORD policy. Choose the coverages that are important to you and your risk level.

    Obviously the dwelling gets covered, but do you want ordnance/law coverage (brings things like electrical systems up to date if need be replaced due to claim), loss of use (covers your lost rent after a claim), replacement cost vs actual cash value, workers comp, and personal liability. And of course the deductible you're willing to have.

    1Reply
    • Donna Johnson
      Member since 2024 · 63 posts · 25 votes
      1y
      Quote from @Greg M.:

      Kind of. Just go online to the major carrier sites and quote a LANDLORD policy. Choose the coverages that are important to you and your risk level.

      Obviously the dwelling gets covered, but do you want ordnance/law coverage (brings things like electrical systems up to date if need be replaced due to claim), loss of use (covers your lost rent after a claim), replacement cost vs actual cash value, workers comp, and personal liability. And of course the deductible you're willing to have.


       Are landlord and property insurance policies usually purchased separately or is there a benefit (better rates) to finding an insurer who bundles them together?

      Thanks for the info :-)

      Donna

      0Reply
    • Owen RosenBusiness Member
      Professional · Clinton Township, MI · Member since 2015 · 676 posts · 259 votes
      1y
      Quote from @Greg M.:

      Kind of. Just go online to the major carrier sites and quote a LANDLORD policy. Choose the coverages that are important to you and your risk level.

      Obviously the dwelling gets covered, but do you want ordnance/law coverage (brings things like electrical systems up to date if need be replaced due to claim), loss of use (covers your lost rent after a claim), replacement cost vs actual cash value, workers comp, and personal liability. And of course the deductible you're willing to have.


       I strongly disagree with this strategy.  It's not really even a strategy since most companies that offer direct online sales don't really offer landlord policies as I pointed out.  Also, you listed workers comp in the list of coverages?  Huh?

      If you try to DIY you're likely to be upset if you ever need the insurance.  Same with working with a call center with poorly trained, underpaid, overworked, agents.

      Royal Oath Insurance Group4.9203 Reviews
      WebsiteView Page
      0Reply
    • Greg M.
      Rental Property Investor · Los Angeles, CA · Member since 2017 · 2k+ posts · 5k+ votes
      1y
      Quote from @Owen Rosen:
      Quote from @Greg M.:

      Kind of. Just go online to the major carrier sites and quote a LANDLORD policy. Choose the coverages that are important to you and your risk level.

      Obviously the dwelling gets covered, but do you want ordnance/law coverage (brings things like electrical systems up to date if need be replaced due to claim), loss of use (covers your lost rent after a claim), replacement cost vs actual cash value, workers comp, and personal liability. And of course the deductible you're willing to have.


       I strongly disagree with this strategy.  It's not really even a strategy since most companies that offer direct online sales don't really offer landlord policies as I pointed out.  Also, you listed workers comp in the list of coverages?  Huh?

      I don't know what percentage of companies offer it online, but I had no issue with getting quotes online.

      As for W/C coverage, yes, it is offered as part of HO3 & HO6 policies. It covers hired labor like a housekeeper or gardener who may not have coverage. 
      0Reply
    • Owen RosenBusiness Member
      Professional · Clinton Township, MI · Member since 2015 · 676 posts · 259 votes
      1y
      Quote from @Greg M.:
      Quote from @Owen Rosen:
      Quote from @Greg M.:

      Kind of. Just go online to the major carrier sites and quote a LANDLORD policy. Choose the coverages that are important to you and your risk level.

      Obviously the dwelling gets covered, but do you want ordnance/law coverage (brings things like electrical systems up to date if need be replaced due to claim), loss of use (covers your lost rent after a claim), replacement cost vs actual cash value, workers comp, and personal liability. And of course the deductible you're willing to have.


       I strongly disagree with this strategy.  It's not really even a strategy since most companies that offer direct online sales don't really offer landlord policies as I pointed out.  Also, you listed workers comp in the list of coverages?  Huh?

      I don't know what percentage of companies offer it online, but I had no issue with getting quotes online.

      As for W/C coverage, yes, it is offered as part of HO3 & HO6 policies. It covers hired labor like a housekeeper or gardener who may not have coverage. 

       HO-3 is a type of homeowners policy - owner occupied.

      Some property policies might offer LIMITED coverage for domestic workers but that is in no way workers compensation.

      What large insurance companies are currently offering landlord insurance quotes fully online?

      Royal Oath Insurance Group4.9203 Reviews
      WebsiteView Page
      0Reply
  • Greg M.
    Rental Property Investor · Los Angeles, CA · Member since 2017 · 2k+ posts · 5k+ votes
    1y

    Basically landlord and homeowner (property) policies are the same, except one is designed for the owner to live there and it covers their personal property and living expenses if they have to move out during repairs and the other is designed for a tenant to live there and reimburse the landlord for lost rent during a claim.

    0Reply
  • Owen RosenBusiness Member
    Professional · Clinton Township, MI · Member since 2015 · 676 posts · 259 votes
    1y
    Quote from @Sean Petrash:

    This is my first property with tenants. It's a duplex in a Class C-D neighborhood. Property value $150k give or take. Gotta start somewhere! Each side should rent for $1k/mo. 
    Do I just get a general liability/homeowners insurance policy from one of the big companies like geico or progressive? 

    Thanks!


     GEICO does not have their own landlord insurance product. Progressive recently stopped offering landlord policies through ASI which was the property insurance company they purchased and offer products through.  They do have a small business product that can work for 1-4 unit dwellings in some states.

    Overall, the strategy of going to one of the "big companies" and working with a call center is not one I'd recommend.  Do you really want to deal with an 800-number call center to insure a valuable asset?  Frankly, do you want to work with a call center for anything?  They're miserable.

    Royal Oath Insurance Group4.9203 Reviews
    WebsiteView Page
    0Reply
  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
    1y

    The easy answer is to first call your own insurance company and see what they have to offer (assuming you use an agent). When it comes to any kind of commercial insurance I would highly, highly recommend you use an agent rather than a phone center, DIY insurance company. Right now I have almost everything insured through Erie (they don't offer in every state) but I have used State Farm, Allstate and Lloyd's of London as well. All through agents - I want an individual I can call that I know personally to give me answers to questions or help shepherd claims through. 

    Podcast Guest on Show #243
    Skyline Properties
    View Page
    1Reply
  • Ryan SpathBusiness Member
    Real Estate Agent · Boise, ID · Member since 2017 · 557 posts · 376 votes
    1y

    @Sean Petrash congratulations on the rental! Contact who ever you have your personal homeowners policy through. Tell them you have a rental property and they will provide you with a policy. Next, consider an umbrella policy. This will help protect you in the chance something major happens and protect you. 

    [email protected]208-600-2814
    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free