Triplex with 1 tenant

[John Moon]

I have a triplex that I am pursuing. One unit is occupied and the other 2 units need rehab (1 major, 1 minor). I'm trying to figure out what would be the best way to insure this.

I've gotten a quote, but they're charging 2600 (property coverage up to 300k, and liability coverage is 2million).

My question is, do I need liability coverage? Wouldn't that be something the contractor has? Also, I don't believe the property is even worth 300k. Can i ask them to lower the price with a lower coverage?

Thank you for the help! The community is awesome here!

[Frank Chin]

Definitely get liability for yourself. In fact, I operate rentals, and at one point, some active businesses and liability is the MOST important.

When you have rentals and businesses, you have people suing you, for whatever reason,  from scammers, to clumsy old ladies for trips and falls outside your building to tenants having a break-in  and blaming you for negligence. Just having the insurance, and tell these people to have their lawyers send letters to your insurance is worth it, never mind if they have to pay a claim.

Contractor's liability covers their workers through workman's comp and their negligence. In fact you have to make sure your contractors are licensed and insured.