Updated about 13 years ago on . Most recent reply
Newbie question on landlord insurance
Hello, I'm in Indianapolis and considering becoming a landlord, in a very limited way, we have a friend of the family that could use their own place to live. In many parts of Indy you can buy a decent small house for about $25-30,000 cash. I'd charge just enough rent to cover my taxes and insurance, plus a small return on capital, and a small chunk for expected repairs, so about $250 a month.
Now the newbie part of me kicks in, I know I need a landlord insurance policy, how much roughly would insurance run on such a property ? Assuming same limits I have on the house I own and live in, so like 1000 deductible, 300k liability. I do not need replacement cost, if the house burns down I'd just like what I paid for it.
(I realize this approach may sound nutty but it would also be a way for me to learn to be a landlord without committing massive capital)
TIA !
