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Updated about 1 year ago on . Most recent reply

Insurance recommendations for rental properties
Who do you guys use for insurance for rental properties? I have reached out to state farm and they gave me a really good price but I am now worried I am not being protected 🤣 I had an insurance broker but having a hard time getting quotes now. In all fairness, I did ask for a lot of quotes but did not close on properties since they were not cash flowing.
1 Can some one let me know what should one be looking for in an insurance?
2 Is the landlord insurance the same as home owners insurance?
Thanks in advance.
Lastly is there a post I can reference when getting insurance quotes?
Most Popular Reply

An agent gave you each of those quotes. Have you asked them? They should be explaining their work and differences. Ask questions, see who you think you're more comfortable with.
We don't know anything about your property, you, your business, your risks, what you care about, etc. Those things are crucial when developing a coverage plan.
A few general points:
1. Replacement cost has nothing to do with the price of the property. How many square feet is it? Do you want full replacement cost if you had a total loss - would you rebuild in that case or walk away? You won't get the replacement cost if you plan to walk away.
More importantly, do you want a partial loss to be covered to full replacement cost?
2. The State Farm quote has a higher deductible. It certainly wouldn't make up a 50% premium difference but it's not a fair comparison in that regard. Did the agents discuss deductible with you?
3. There should not be a $100,000 discrepancy in the dwelling coverage (based on a replacement cost estimate.). That's too much of a spread for a property of this size. Someone is "wrong."
To one of your original questions just because American Modern has more line items it doesn't make it better.
- Owen Rosen
