Landlord Insurance Woes in Cleveland - Need Advice!

[Neela David]

Hey BP Community,

Hoping to tap into the collective wisdom here. I'm closing on a property in Cleveland that I plan to rent out. However, I've hit a snag with securing landlord insurance.

So far, I've received a few responses declining coverage, citing:

• Higher crime rate in the area
• The property is older
• The age of the roof

I'm a bit stuck on how to proceed. Has anyone else experienced similar challenges in Cleveland or other areas?

My questions for the community:

• Are there specific insurance companies you've found that are more willing to work with older properties or properties in areas with perceived higher crime? (Bonus points if you have experience in the Cleveland market!)
• For those who've dealt with older roofs, what were your options for insurance? Did you have to replace it immediately?
• Any general tips or strategies for finding landlord insurance when facing these types of hurdles?
• Should I be looking at specific types of policies or riders?

Any insights or recommendations would be greatly appreciated! I'm eager to rent out this property, but I want to make sure I have the right insurance in place.

Thanks in advance for your help!

[Caleb Brown]

If the roof is old I would replace it. Insurance will all be the similar. If there is multiple risks associated with the property rates will be higher. High crime means break ins and HVAC can be stolen. Older property means there is a higher chance of a burst pipe. Insurance companies take these into account and aren't going to ignore them