2 Unit in PA - What should my insurance policy include?

Question

We are in the process of shopping for insurance for our first 2 unit in Pennsylvania that we are closing on 10/1. Our current broker has sent us one quote already.  My question is, what coverage options are must haves what would you go without?

Cameron Moore · Answer

This is a solid policy for a Landlord Home. What I always tell my investor clients, the major rate change comes from deductibles. If you are looking for a drastic change in rate, have them increase the deductible if you are comfortable with it. I would not recommend pulling any other coverage off except for Personal Property as many times investors are not storing personal items at the rental property.

Cameron Moore · Answer

Yes, absolutely always work with a broker so that they can shop the entire market without being married to any one product! Great point @Juan Bustos

John Mocker · Answer

Greg,

One coverage I would suggest pricing out:

Personal Injury Liability.  This is coverage for things like Libel, Slander, Wrongful entry, etc.  I think it is an important coverage for the landlord

Good Luck

Juan Bustos · Answer

Hey Greg, I am an insurance agent here in California. I agree with Cameron and there is not much to change. The quote you got is pretty solid. The only thing I would say is to get quotes from other companies to compare and maybe lower your payment while having similar coverage. As you start getting more properties you should look into an umbrella policy if you haven't already.

Greg Dunkle · Answer

Thanks! @Cameron Moore

2 Unit in PA - What should my insurance policy include?

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