I am closing on my first rental property in Ohio and need to find an insurance agent to ensure I have the proper insurance. Any advice on where to find someone? I have heard Landlord insurance is what is necessary, but will that cover me during the rehab time when it's vacant? Thank you!
Find a local independent agent www.trustedchoice.com. They will have access to different companies that will fit your needs. You my need a builders risk policy while renovating. Just explain to the agent what your plan is and they should be able to get you the proper coverage.
Depending on the length of renovation time, some insurance companies will still cover under a landlord policy. Discuss the details with your broker and figure out what length of time is needed.
It may also depend on how much work you’re doing. If it’s painting, a bathroom, etc, that’s probably different than a full gut down to studs.
Hey @Andrew Kluger congrats on the purchase of your first rental property. The easiest way to find an insurance agent on BP is by doing exactly what you did. Make a post and ask!
Your basic landlord policy will cover a vacant house for 60days, some policies will offer 90days. After that time frame coverages like vandalism, theft and malicious mischief will be lost. If you do not know your rehab time frame then it is best to simply buy a vacancy policy and then convert it to the proper policy once tenants have moved in.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.