Buying first Rental, need help with Insurance

[Nick Shri]

Hey fellow BP'ers

I am buying my first rental - duplex. What type of coverage should I have on the property? I received a quote from one of the brokers as below -

1. Dwelling 
2. Replacement Cost Incl Ord/Law Excl Roof 15 Yr Or Older
3. Other Structures
4. Personal Property
5. Loss of Rents
6. Premises Liability
7. Medical Payments
8. Landlord Personal Injury Liab Cov
9. Water Backup of Sewers or Drains
10. Platinum Endorsement

Is this adequate, too much, too low???

[James Cardenas]

Good Morning,

The question is,  what are the coverage limits on that policy.   I.e.- how much dwelling coverage is there per square foot?

#1 - I do not see accidental water discharge listed- although it could still be included. Double check with your agent on this coverage. 

#2 be aware of the personal property coverage. If you do not have personal property inside the home, be sure to keep this coverage low. It can help your rate. 

#3 ask about seepage and leakage coverage. See if that’s included 

#4 you may consider double checking the loss of rents coverage.  For pennies you can insure your rental income still flows in even if the home is unlivable for a period of time.