Type of Rental Property Insurance
Hi BP. I'm analyzing a few properties for my first investment property purchase, which I plan on renting out to my brother and a few of his friends in a college town. I asked my homeowners insurance carrier for a quote, but it came out much higher than I expected. I'd like to have my estimates as close to the actuals as possible to make sure my analysis is a true representation of the expenses I will be incurring. What type of insurance policy should I be requesting to cover this potential investment property? I've been reading through the forums but am still unclear as to the different types of policies available, and the coverage I need which is most economical to ensure maximized cashflow. Please share your thoughts and I greatly appreciate the time and advice!