Insurance for Rental Property

[Sylvester Hardison]

Hello,

  I am new to rental property investing, and currently in escrow for my first property. I am looking for any suggestions of where to start looking for reliable rental property insurance. Any suggestions please send them my way. Thanks!

[Daniel Grabowski]

I agree with Steadily. All digital platform can push out quotes and multiple quotes very quickly. One thing to note when comparing quotes (I would recommend getting a couple). Make sure it is an apples-to-apples comparison. Ask about replacement cost versus Actual Cost Value. This means that many insurers depreciate the cost of the asset and subtract that from the reimbursement for a claim as compared to just replacing the full cost. It is a preference and there is a cost associated with this. (Steadily does replacement cost which does not include depreciation).