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Updated about 4 years ago on . Most recent reply

DP3 Insurance Coverage
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!!
Most Popular Reply

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.