Condo Insurance Advice
Hello, I am very new here, thinking about going pro at some point but I'm still in the middle of diving through a lot of the content. I have one rental property currently, but it's just being rented to my son at a break even rate. My wife and I are going to be purchasing a vacation home in Virginia Beach that we may turn into a rental at some point. I am getting insurance and am being told that the industry standard is 20% of the value of the property. We are getting the condo for 215K, it's a 2 bedroom, 2 bath 1360 square feet. State Auto is offering the best rate so far but I have never heard of them. Seems like the average per year is about $500 and State Auto is offering a policy for $329 per year for 43k of coverage, 30k personal property and a 1k deductible with 15k loss of use. Does this seem like adequate coverage and a good quote? Am I missing anything? We will be down there about 30-40 days a year and it will be vacant with family and friends using it off and on.