I’m new to this site. I’m thinking of renting my older home as an investment in the future. Does anyone know of reasonably priced, and easy to obtain landlord insurance. Never done this but can someone explain to me what usually is the process of insurance companies to accept you. Is it hard to get? Thanks any advice would be appreciated.
Insurance Agent · Norwalk, CT · Member since 2016 · 2k+ posts · 1k+ votes
4y
Nance,
There is no simple answer to what company is best or least expensive. Pricing varies state to state and location to location. Laws, fire protection, rebuilding costs all can impact the decision. Also, the age, condition, protection, etc of your individual property can change the mix.
My suggestion would be to find an impendent Agent (one that represents more than one carrier) or multiple Independent Agents and request quotes for a Dwelling Fire policy for the property. You should check your existing agent as well but even if they had the best policy for you as a homeowner they may not for the Dwelling Fire policy. If you can get recommendations to agent(s) that others have used for rentals in that area that could help narrow it down.
For starters, I'd call your current home insurance carrier. Usually, they will offer a landlord type policy. After that, you'd be best find a separate insurance broker/company that will help find you an insurance carrier to underwrite a policy for you. Good luck.