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.
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
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
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