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Updated about 4 years ago on . Most recent reply

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46
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Miguel Oliviera
  • Rental Property Investor
  • New York
10
Votes |
46
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DP3 Insurance Coverage

Miguel Oliviera
  • Rental Property Investor
  • New York
Posted

Hi BP Community,

I am getting quoted on a DP3 policy for a SFR in Jacksonville, FL. Purchase price was $84k and home value is $145k. I received a quote for an annual premium of $935 for $100k of liability coverage and $3k of medical payments. My insurance broker is recommending that I get additional coverage with another carrier to get up to $300k of liability coverage.

Open to hearing your thoughts on this coverage and what should be the right amount of coverage for this house. Thank you in advance!!

  • Miguel Oliviera
  • Most Popular Reply

    User Stats

    348
    Posts
    245
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    Cameron Moore
    #3 Insurance Contributor
    • Insurance Agent
    • DFW, TX
    245
    Votes |
    348
    Posts
    Cameron Moore
    #3 Insurance Contributor
    • Insurance Agent
    • DFW, TX
    Replied

    Hi Miguel, I would recommend never doing less than $500k liability base on a Landlord Policy. However, my real advice to every investor-clients would be to always have a premises-only Umbrella policy for an extra $1 million in coverage. This is typically less than $300/yearly. People are pretty sue-happy so that protects your assets. 

  • Cameron Moore
  • [email protected]
  • 682-593-4016
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