Which insurance coverage items are unnecessary in this quote?

Question

Hi there,

I'm purchasing a property in OH that I will not be managing myself.

I received an insurance quote that I was hoping to get some feedback on (first time shopping for rental property insurance).

I figure there are unnecessary items on here increasing the price, but I could be wrong. Any feedback/advice is welcome and appreciated.

Thanks!

Jason Bott · Answer

@Alex Mayberry I second @Kevin Hoag comments and would add the following comments.

Water damage should not have a limit listed.

If you want sewer back up, consider raising the ded to $500 or $1000

You could delete Medical Payments.  Med Pay is when you ask the insurance company to pay a claimant for something you feel you are at fault with.  This eliminates the need for the claimant to formally file a lawsuit to trigger insurance coverage.  Most landlords just say "sue me" or pay out of pocket.

Residence burglary - most other landlord policies do not list a limit and do not charge an additional $157

Equipment Breakdown - unless you have a boiler, no need for it

Kevin Hoag · Answer

Hey Alex,

You do not need 10k in personal property. The tenants rental property will cover all of their personal belongings and since you are using a PM company I would assume you will not be keeping any landscaping equipment, tools or possessions at the premises to need that much coverage. I would take that saving and beef up premises liability to 1 mil.

Good luck on the rental

Alex Mayberry · Answer

@Kevin Hoag and @Jason Bott

I appreciate the quick responses and feedback. I'll take this into consideration when looking for other quotes on this property and future properties.

Thanks!