New to Real Estate · Greenville, SC · Member since 2022 · 16 posts · 7 votes
We are just under a year into our real estate journey as developers/landlords. We built 6 units last year and they are all rented and insured under a landlord insurance policy. We are wanting to confirm that we are carrying the right coverage and are not overpaying or underinsured.
How much insurance coverage should we carry per rental unit? We do require all tenants to carry their own renters insurance policies with a minimum coverage of $100K. Our units are located in Spartanburg, SC and are all identical. 3 bedrooms, 2.5 bathrooms with a private one-car garage. Roughly 1,480 sq ft.
Insurance Agent · Maumelle, AR · Member since 2015 · 131 posts · 41 votes
1y
Jenna,
Are you asking how much "property" coverage you need to carry? You really need to be specific with an agent and give them every details to determine that. Are these all single family, or all one structure etc. I'd be glad to look at what you have and give recommendations if that would helpful to you?
New to Real Estate · Greenville, SC · Member since 2022 · 16 posts · 7 votes
1y
Yes property coverage.
My husband and I intensively spoken through the details with an agent last year that we went with. We opted for their insurance, and then found out we were overpaying/overinsuring so we switched. It's hard for me to trust that an insurance agent will quote me exactly what I need.