Landlord Insurance: Choosing a policy

6 Replies

Hello BP Colleagues,

I am buying my first SFH rental (4bed, 2150 sqft) and wanted to run the insurance policy quote and details by the community as I am not fully aware of things that I should be opting for in a landlord insurance. My insurance quote is $795 for the year. House price is 250k

Coverage Details

1: Dwelling - 222k
2: Other Structures - 22l
3: Household Furnishing - 2k
4: Loss of use - 22k
5: Premises Liability (per occurrence)  - 300k
6: Medical Payments each person - 1k
7: Peril Deductible
   7a: Windstorm or Hail - 2200
   7b: Property Coverage deductible (all other perils) - 1k
8: Additional Replacement Cost - $55,500

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

Looking forward to hear your thoughts.

This looks pretty good from what I can tell. Have you compared it to other insurance providers or even independent agents? Also try to look in bluehammer for the actual rebuilding cost. Insurance places go all over the place estimating this. Good luck!

Thanks for a prompt response @Jose Batista Abikarram & @T Brian Nauheim . Appreciate your feedback.

Good idea, I will also look to my current home insurance provider for a competitive quote.

The medical payments per person seems awfully low. Do you guys think I should bump it up?

@Soup Nikk

A few comments.  General Liability is too low & lose the MEd Pay.

Med pay is separate coverage from General Liability.  

General Liability will be the coverage that responds if someone sues you for Bodily Injury.  Example being a slip and fall, injured in a fire, etc.  

Med pay is when you voluntarily ask the insurance company to pay for someones injury, which is why the limit is always fairly low. Many landlord policies don't even include this coverage as it's more of a Homeowners coverage.

I would suggest putting the savings from the Med Pay into a higher GL limit.  I don't recommend anything lower than $1M for GL.

This is a good looking policy. I agree with everyone else. First looking into extended liability from your home policy. Then bump your primary home to 1mil. You will then have 1.3mil for your rental. Adding an additional home cost around $40 per property. This can sometimes be less than the cost to bump your rental policy from 300k -1mil. Best of luck with the property

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