Landlord Policy Advise

[Jessie Kristie]

Hi all,

I was wondering if anyone could give me advise on landlord policy.  I'll be closing on my first rental property soon, and I've been shopping around for insurance quotes.  Below are 2 quotes I received: 

1) $1,723/yr for 300k liability, 225k dwelling with $2,500 deductible

2) $1,982/yr for 500k liability, 267k dwelling with $1,000 deductible

I'm thinking to do $2,500 deductible for lower monthly payment but unsure about how much liability coverage I would need and should get.  I was also wondering if those quotes seem fair for landlord policies in zip 35758.  Any advise would be greatly appreciated.  Thanks!

Jessie

[Cameron Moore]

I agree with @Mike McCarthy. I specialize in Insurance for investors, and many times a higher deductible and a high limit for personal liability is the best move. Umbrella policies are less than 300/year for up to 2 Million in extra Liability coverage which protects you in pretty much any lawsuit. One thing I recommend having is extra water coverages on your policy. That can be devastating to an STR without coverage. Ask your Broker.