When you do not have a Mortgage and being a foreignor Is it possible to only have General Liability insurance for a property. Can it cover Multiple properties and does it come a lot cheaper than having Landloard Insurance (Covering Fire, hazards, Wind... ) ?
Thanks a lot
Usually you will pay for insurance on individual properties, and yes your liability and fire policy should be much cheaper than a homeowner's policy which is used for people occupying the home.
Thanks for reply. Is it possible to have General Liability Insurance to cover me in case one of the tenants gets hurt. (Whithout purchasing Landloard insurance)
I'm not sure what you mean by that most of the time a "landlord policy" will be just fire and liability
Hey @Adrien Gael Since you live out of the country you will most likely be buying the property cash. When you buy a property with cash you can do whatever you would like with insurance. There are no laws that make you have insurance on your rental property. When you buy with loan the bank requires insurance. No bank, No Rules.
I do not suggest going this route. To answer your question, Yes you can buy an umbrella policy that offers you only General Liability coverage on your properties and will be blanket coverage for all of your properties. Yes this is much cheaper than having a landlord policy that covers the dwelling structure and loss of rents.
Ex. I have a client with 10 homes and his umbrella is 5million in extra General Liability for all of them is around $1500 annually. His actual landlord policy with 100-150k in dwelling coverage and 1mil in liability averages about $600 per home. Liability is way cheaper than dwelling structure coverage.
Yes, you can find general liability coverage if you don't have a mortgage or any other interests in the property. If you don't have an individual policy on the home itself I don't think an umbrella policy would work because that is used as an overflow policy for your underlying policies. I would connect with a local agent and see what options they have for you. I would search by going to Trusted Choice and searching for an agent by the zip code of the property. They will provide local agents that work with multiple companies to find you the best rates and coverage.
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