Renters Insurance - What Company & Minimum Coverage
7 Replies
Guy Davis
Rental Property Investor from Pleasant Hill, CA
posted about 1 month ago
Any recommendations for a few good renters insurance companies? I have properties in Alabama and was curious.
Also, what minimum coverage requirements are typical these days? Thanks in advance!
Christopher B.
Investor from Southeast, MI
replied about 1 month ago
I don't have preference on company, but checkout Assurant. The property management software I utilize recommends them, and allows sign-up during electronic lease signing. Otherwise, we recommend tenants check with company who provides their auto insurance.
I'm wondering what minimums others require.
Paige Hutchinson
Real Estate Broker
replied about 1 month ago
That sounds great that you can get a policy while lease signing. Which software program do you use? I’m assuming you manage your own rentals? Thank you!
Guy Davis
Rental Property Investor from Pleasant Hill, CA
replied about 1 month ago
@Christopher B. From what I’m gathering the absolute minimum for liability is $100k and personal property varies and is up to the tenants preference but $5k seems to be standard (a couple of agents recommended $15k for personal property but if the price difference is minimal then that may be the move).
Price per month ranged from $20-25 which is pretty good. Greatly appreciate the help, sir!
Christopher B.
Investor from Southeast, MI
replied about 1 month ago
Originally posted by @Paige Hutchinson :That sounds great that you can get a policy while lease signing. Which software program do you use? I’m assuming you manage your own rentals? Thank you!
I utilize TenantCloud. Yes, we keep management internal for now. As we grow, we may outsource, but we will see how much time it is consuming.
Paige Hutchinson
Real Estate Broker
replied about 1 month ago
Thank you!
Christopher B.
Investor from Southeast, MI
replied about 1 month ago
@Guy Davis , I just did a quick estimate on Assurant's own site, and it came back with this. I input the address for a vacancy we just filled, so this quote may vary from location to location, and apartment to apartment, but maybe it's a good approximation for you to start with. Check with your own auto insurance for a coverage estimate also perhaps.
Coverage Estimator
Coverage Start Date
3/01/2021
Your Liability
$100,000
Personal Belongings
$10,000
Replacement Cost
Water Sewer Backup
Added
Deductible
$250
Total:
$13.17/MO
Amount based on a monthly pay plan (excluding fees).
Guy Davis
Rental Property Investor from Pleasant Hill, CA
replied about 1 month ago
@Christopher B. Super cheap!