dallas, TX · Member since 2019 · 17 posts · 1 vote
I am looking to get some insurance on my single family rental property and am unsure of what exactly to get and also looking for any good agent recommendations in the local D/FW area. Any help would be greatly appreciated.
Investor · Topeka, KS · Member since 2015 · 1k+ posts · 1k+ votes
6y
I get the same dwelling insurance for my rental as I do for my personal home. I just don't ensure for replacement cost like I do for my personal residence. I ensure for about what I paid for the property, so if I purchased for 40k and put 10k into it I would ensure for 50k.
I personally just called the same insurance company that does my homeowners policy, and said that I needed a landlord policy. They provided me with dwelling coverage, and then asked if I wanted to also cover any bigger ticket items that I had in the property (clothes washer and dryer in my case). The landlord policy was a little more expensive than my homeowners policy.
Kansas City, MO · Member since 2015 · 42 posts · 20 votes
6y
You would need property coverage which covers direct physical damage to the property, like fire, wind/hail, vandalism, theft and so on. Special Form coverage is always the most comprehensive, but comes with specific exclusions. Just make yourself familiar with them. I recommend adding sewer and drain back up. Loss of rents is fairly inexpensive so I would add that too. If you have any detached structures on the property, like a detached garage or a shed, make sure you have Other/Additional Structure coverage.
In regards to liability coverage, investors typically choose $1MM per occurrence limit for their general liability. I would ask if there are any breed exclusions when it comes to the general liability policy, if you allow pets on the property. Let me know if you have any questions. I'm happy to help.
Insurance · Garden Grove, CA · Member since 2020 · 36 posts · 10 votes
6y
@Rolando Frias best option is to find an insurance agent that specializes in rental property insurance. They will be able to guide you on the best coverage options needed, as well as shop different insurance carriers to find the best policy to fit your budget and needs.
Feel free to message me for any related questions.
Rental Property Investor · Carrollton, TX · Member since 2013 · 750 posts · 538 votes
6y
Ideally find a broker that is familiar with landlords and their needs and that shops multiple insurance companies. As opposed to a captive agent (e.g. that only works with one agency, such as Farmers...).