Landlord Insurance learning for new investors

Member since 2023 · 6 posts · 5 votes

I am just starting out in a duplex unit near Cleveland Ohio. one of the unit needs work and that got me some trouble getting property insurance. In general, what kind of things should landlord be looking for when buying landlord insurance to protect our interest.

I am also concerned about potential vandalism for one of the tenants.

Can proper insurance replace LLC ?

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John Mocker

Insurance Agent · Norwalk, CT · Member since 2016 · 2k+ posts · 1k+ votes

Xu,

From your post I gather that you will have one occupied unit and one that will be under renovation. If duplex is vacant when you are doing the renovation, the normal policy we use is a Renovation Builders Risk. That covers the existing structure and the renovations as they are incorporated. Most Standard companies do not like a Renovation where part of the structure is occupied.

Depending on how long the renovations will take and what is being done, your agent may be able to get a company to write it.

Regarding the Vandalism, your insurance would normally not cover the property of your Tenant. They would need their own renters insurance to cover vandalism.

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Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
2y
Quote from @Xu Weng:

I am just starting out in a duplex unit near Cleveland Ohio. one of the unit needs work and that got me some trouble getting property insurance. In general, what kind of things should landlord be looking for when buying landlord insurance to protect our interest.

I am also concerned about potential vandalism for one of the tenants.

Can proper insurance replace LLC ?

The insurance industry is changing rapidly across the board. I am seeing more inspections, less coverage, and more denials. You just need to shop around more and take care of the big items, like the roof, if needed. Do not do work that is not required though. Happy to send you some referrals for insurances agents and brokers
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John Mocker
Insurance Agent · Norwalk, CT · Member since 2016 · 2k+ posts · 1k+ votes
2y
Xu,
From your post I gather that you will have one occupied unit and one that will be under renovation. If duplex is vacant when you are doing the renovation, the normal policy we use is a Renovation Builders Risk. That covers the existing structure and the renovations as they are incorporated. Most Standard companies do not like a Renovation where part of the structure is occupied.
Depending on how long the renovations will take and what is being done, your agent may be able to get a company to write it.
Regarding the Vandalism, your insurance would normally not cover the property of your Tenant. They would need their own renters insurance to cover vandalism.
2 Reply
Bob S.
Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
2y
Quote from @Xu Weng:

I am just starting out in a duplex unit near Cleveland Ohio. one of the unit needs work and that got me some trouble getting property insurance. In general, what kind of things should landlord be looking for when buying landlord insurance to protect our interest.

I am also concerned about potential vandalism for one of the tenants.

Can proper insurance replace LLC ?

Hi, happy to recommend contractors.,
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