Rental Property Investor · Richmond, VA · Member since 2017 · 102 posts · 28 votes
When I had a traditional home back in the day that i lived in I just paid my home insurance that was bundled in with my mortgage payment... as a new landlord that is buying low income properties cash in higher crime areas .... how do I acquire insurance for the house as well as theft insurance? Say if someone steals the ac unit which happens in high crime areas.
@Brandon Becsi Theft would be covered under the PROPERTY part of the insurance policy. If it is in a high crime area, there are a few things you will see,
1) The insurance company may exclude theft
2) They may have a separate Theft deductible that is higher than the rest of the policy, like a $5,000 deductible.
3) They will cover it, but the premium may be double or triple the other options that exclude it.
I spoke to my insurance agent and she suggested an umbrella policy that covers both of my rentals. Also bumped to a million in coverage. Wasn't as much as I had thought.
I would just speak to an agent about what you are wanting and get some real numbers. Might want to contact two or three for comparison.
@Brandon Becsi Theft would be covered under the PROPERTY part of the insurance policy. If it is in a high crime area, there are a few things you will see,
1) The insurance company may exclude theft
2) They may have a separate Theft deductible that is higher than the rest of the policy, like a $5,000 deductible.
3) They will cover it, but the premium may be double or triple the other options that exclude it.
@Brandon Blackfin @Jason Bott . I also recommend that my landlords recommed to tenants to get renters insurance. It kind of gives them skin in the game. They don't always buy it. But they know you want your property protected.