I'm moving out of state for a job transfer and I want to rent my current home. This is my first rental and I need more advice in the insurance area. Obviously I want to make sure I'm adequately covered. People like lawsuits these days. Attached is a quote I received from my current agent. What are your thoughts on the coverage? Do I need more? Less? Does it matter that I'll be living out of state?
Thanks for the help!
Do you have an umbrella? If you do, those liability limits could come way down. If you don't, I would keep them as-is.
I would probably look at increasing the loss of rents as well, that'll only get you through a couple of months without rent at $5,000.
Hi @Ryan Galasso,
That is a pretty good basic package of coverage.
The main thing I would be concerned about is the potential pollution exclusion and the ability to scale in the future.
Most companies have a total pollution exclusion and in the case of tenants, the biggest thing to worry about in that regard is carbon monoxide poisoning from a furnace or water heater. I would only obtain a policy which has that coverage available to me.
thanks for the info guys. I will look into your suggestions!
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