First Landlord Insurance Quote

[Frank Oudheusden]

Hey everyone. I'm lining up hazard insurance for my first rental and I wanted to put some details up and get some opinions on if I missed anything.

Rental Details:
SFH - Purchase Price $49,900
3BR - 2 Levels - $1358 sqft - 1 car large garage

Insurance Details:
$70,000 ACV residence coverage (is this odd considering my purchase price is $50k?)
$7,000 private structure (garage)
$0 personal property
$7,000 additional living expense / loss of rents
$500,000 bodily injury and property damage
$1000/$10,000 - premises medical pay

Premium - $429/year

I asked my agent about students, she said they are fine on this one but they don't want to make it their market. We discussed no trampolines and that I will be allowing pets but restricting dog breeds.

I'm not adverse to putting a notice in the lease that the insurance doesn't cover the tenant items and I advise them to get renter's insurance.

I would expect 3-4 people to live in the home at any one time and am wondering if $500k in liability protection is sufficient?