Rental Property Insurance

5 Replies

I currently have 3 rentals (single family, duplex, and 4 plex) and utilize USAA on all policies.  I just 1031 exchanged into the 4plex which I purchased for $90K.  USAA is requiring a $650K replacement policy, which is an extremely high (more than double my very conservative estimates to rebuild!).  Would anyone be able to comment on who they are using currently for their rental properties, what you like or don't like?  ANY help would be greatly appreciated!

Hello @Naomi Hanson ! I have been using USAA for much of my portfolio for years. USAA just changed their policy last year, and now requires replacement cost, not market value. This has wrecked havoc in my rentals in the midwest historical areas. On my rentals that have a large discrepancy between replacement and value, I now use Foremost Insurance. Coincidentally, USAA will actually act as agency for Foremost and write the policy.

@Naomi Hanson I use USLI for my rentals. Minimum dwelling limit is $75k but they also give you 1 million in liability protection and you can schedule multiple properties on 1 policy. They are great! I hope this helps. Brian Sr

I’ve had rentals for many years.  And I’ve had USAA for many years.  I didn’t realize that USAA would write policies on rental homes.  Thanks for posting!