As a new landlord, what different types of insurance do I need to make sure I'm covered from liabilities? TIA

@Jordan White, I'll have agree with everything above. Let your insurance company know its a non-owner occupied investment property / If it's your first rental property and a SFH, an umbrella policy is probably overkill / it is smart to require Renters insurance The one thing I'll add regarding insurance policies is that you have a vote as to what the limit is for your 'dwelling' on your policy. A lot of times insurance companies will increase the 'dwelling' limit to include both the structure and the value of the land it sits on. This allows a company to charge you a higher premium based on the higher limit. Fortunately, you only need coverage for the dwelling, as the land 'indestructible'. We employ this to tactic to save a bit of money on our insurance premiums. Goes without saying though: it is important to be accurate on the insurance limit of your dwelling,

@Jordan White It's also smart to require your tenants to carry their owner "renter's insurance."

@Tony Wilcox Thanks for the input. I could be off the mark then. During the closing process of my last MFH I received two quotes for premiums: one agency provided by the lender, the other quote from the agency I always use. The premiums were very different based on the amount of coverage on the dwelling.

Robert, never heard of a carrier increasing coverage for the value of the land. Banks sometimes require coverage up to the purchase price, but has nothing to do with the carrier. I got around this with banks by sending them the replacement cost estimator

As mentioned above, you should landlord insurance with enough liability and an umbrella. Also I recommend having your tenants get renters insurance and listing you as the additional insured. This way if there is a claim they are liable for it can be claimed against their renters liability and will go directly to you. You also get any info on if it is cancelled.

I've also got a good insurance broker if you need them. I agree with all the comments above. I got umbrella insurance after my 4th property. If you just have one or two, you may be able to wait on that. Mostly, you just need to tell your insurance person that it's a rental property. And definitely have it in your lease that the tenant must have renter's insurance.

@Jordan White I have an insurance person I use in San Antonio that to me is the cheapest and easiest to work with. Please message me and I can give you her contact. Umbrella policies can we difficult from a lender's perspective by the way.

Hey @Jordan White, you really only NEED homeowners/landlord insurance. If you let your insurance company or broker know it is a non-owner-occupied investment property they will get you what you need. You could get an umbrella policy but it might be overkill if you have one or two properties.

What insurances do I need. What insurances do I need.

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