Which insurance coverage items are unnecessary in this quote?

3 Replies

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! 

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 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 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!

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