Coverage for My First Rental

4 Replies

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!

Here's the link to my quote:

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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