Searching for insurance for new rental property

[Alonzo Moreland]

Hi everyone,

Does anyone have recommendations for a reliable and reasonably priced insurance company. I'm closing on a three unit rental property in the western part of Maryland, in about a month and looking for insurance for the property. I want to be able to cover the property, replacement costs and protection against any mishaps with the tenants.  I haven't started my search yet, but I want to have a policy in place within 14 days so 'm willing to look at as many companies as needed. Any suggestions?

Thanks!

[David Call]

@Alonzo Moreland - your best option is to get in touch with an independent insurance agent.  They can shop around for you and know the coverages available with different companies.  There are so many different policy types and coverages that you could spend a LOT of time learning about it and still not get the best coverage and price.  Most Independent agents have access to 30+ companies so it allows you to do what you do best while they do all of the research for you.  This is what I do for my primary income in Texas and Utah, but not in MD so I have no skin in MD. 

If you're looking for replacement cost, you can find this easily using a Special form or DP3.  This type of policy is very similar to a standard homeowners policy but for landlords.  Make sure to consider loss of rents because it can come in handy if you have a vacancy as a result of a covered claim.  Let me know if I can help in any way.  I have a guide I made for investors and insuring rental property if you want to DM me and shoot me your email.  You may find it beneficial.