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Charley F.
  • Investor
  • Miami, FL
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Landlord Insurance: Choosing Coverage

Charley F.
  • Investor
  • Miami, FL
Posted Jul 19 2011, 18:27

I have to switch from Home Owners Insurance to Landlord. My agent quote me the following, please let me know your thoughts.

P.S. Someone suggested liability is too low, but did not said what would be a good coverage.

I got the quote and here is what I got.

• Policy Type: DP3
• Dwelling: $100K
• Other Structures: $7,400
• Content: $5,000
• Loss of Use: $0
• Liability Coverage: $100K
• Medical Payments: $2,000
• 10% of the property value in lost rent based on “fair market value” for the neighborhood.

It came out for $525.50.

Is there any room for improvement or this is good enough?

Looking forward to hear your thoughts.

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Tiffany Higgins
  • Boston, MA
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Tiffany Higgins
  • Boston, MA
Replied Feb 20 2017, 20:36

Can someone advise as to which insurance carrier they recommend?  That is, Liberty Mutual, Allstate, Assurant, etc.?  I called four places for quotes and many of them seemed to not understand the needs of a landlord.  Thanks!

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Brad McHatton
  • Saint Cloud, FL
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Brad McHatton
  • Saint Cloud, FL
Replied Feb 23 2017, 09:44

Tiffany, I'm in insurance here in Florida so I can't help you directly. The only advice I can give on getting a quote is that it is dependent on the actual agent  involved. All of the carriers you named are good. If you have any specific needs or questions just let me know.

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Richard Bull
  • Santa Clarita, CA
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Richard Bull
  • Santa Clarita, CA
Replied Mar 8 2017, 18:47

Hi! I am starting with my first small investment property which I am closing on soon. There is already a tenant in place, and the property is out of state. Would I need a homeowner's insurance and a landlord policy? Also, is there a company that sell umbrella insurance policies nationally and not be state where your primary home is?

Thank you for your help!

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Jason Bott
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#2 Insurance Contributor
  • Insurance Agent
  • Nationwide
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Jason Bott
Pro Member
#2 Insurance Contributor
  • Insurance Agent
  • Nationwide
Replied Mar 9 2017, 13:40

@Richard Bull You need a rental dwelling/landlord policy for the rental.

Yes, most commercial umbrella policies will go over locations in multiple states.

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David Mejia
  • Investor
  • Parkland, FL
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David Mejia
  • Investor
  • Parkland, FL
Replied Sep 23 2017, 18:38

@brad i am looking for landlord insurance in florida . Can you help?

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Lakshay G.
  • Small Business Owner
  • Fallston, MD
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Lakshay G.
  • Small Business Owner
  • Fallston, MD
Replied Oct 5 2017, 06:26

@Edita D. @Bruce M. 

Thanks for sharing. You know stuff like this scares me. I'm about to close on my very first rental property (in Maryland). Yes this a great path to achieve financial freedom but boy oh boy. 

The type of insurance that's being discussed here, is this coverage on top of the home insurance policy? Or does this insurance part of the mortgage and escrow and stuff. Thanks and sorry to ask a silly question. 

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James Call
  • Specialist
  • Denton, TX
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James Call
  • Specialist
  • Denton, TX
Replied Jul 13 2018, 09:45

@lackshay G.

You will want to have LandLord Insurance above and beyond what you carry for your personal home insurance.  

You should get it setup before you go to escrow.  

It is sometimes a little tricky because we get financing on the property as a "second home" or investment, and often the insurance agents will setup a homeowner's policy for you.   We see this happening in Texas where we do landlord-specific insurance. 

What you want to make sure of is that you get "landlord insurance" or "investor insurance".  Just tell your agent that you are looking for this. 

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Jim Cummings
  • Residential Real Estate Broker
  • College Station, TX
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Jim Cummings
  • Residential Real Estate Broker
  • College Station, TX
Replied Jul 13 2018, 20:39

@James Call. I'm aware of Homeowners Insurance an Umbrella Policies for Investment Properties. 

Would you define "Landlord Insurance". I've been around RE for some time and I'm not familiar with that term. 

Thanks in advance. 

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Jason Bott
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  • Insurance Agent
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Jason Bott
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  • Insurance Agent
  • Nationwide
Replied Jul 14 2018, 09:51

@Jim Cummings

the term Landlord insurance is a Non-owner occupied Dwelling.  A Homeowners policy is an Owner occupied Dwelling.

Both policies have the same main coverages of Property and General Liability, with each having some extras specific to that risk...examples being Homeowners having coverage for Personal Property (your stuff) and a Landlord policy having coverage for Los of Rents. 

@James Call you either have a Homeowners policy or a Landlord policy.  Your explanation reads as if you should have both, which is not the case.

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James Call
  • Specialist
  • Denton, TX
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James Call
  • Specialist
  • Denton, TX
Replied Jul 15 2018, 17:36

@Jim Cummings and @Jason Bott, 

I was referring to the non-owner occupied dwelling.