Landlord Insurance Recommendations??

Question

Im buying 2 fix and holds in Philadelphia.  Im getting landlord insurance quotes at $110/mnth.   Can someone recommend better companys

Brian Armstrong · Answer

As an independent insurance agent and active investor I feel your pain. I highly recommend you find someone you know, like, and trust (I suggest looking for an independent agent since they're not stuck in a box and can do the shopping for you). Unfortunately I'm not licensed in NJ but would be happy to help find a contact there if you'd like!

You don't want to just look at the total price, however. Make sure you're protected well with $500,000 (or $1M) liability on the properties, make sure they're Replacement Cost (versus "ACV" or depreciated value), make sure you've got some personal property (appliances, window coverings, etc.) coverage, I always add in some 'additional replacement cost' as well as inflation guard too.

Depending on a few factors the policies might have to be written as vacant home policies which run close to double what an owner occupied home would be. I'm not sure how long they'll be in the fixing stage but that could be part of the problem as well.

Feel free to DM me and I can give you some specific questions to ask your local agent.

Successful investing,

Brian