Updated 20 days ago on . Most recent reply
Landlord Insurance Advice
First time real estate investor and I’m about to close on an investment property in Columbus Ohio. For reference I live out of state in NYC and rent.
Was wondering what type of coverage that I need to protect myself as a landlord. It's a SFH and it's my only property and I'm probably not going to keep it in an LLC and just have it in my name.
Got quoted some insurance policies and premises liability was 500k. I asked if we could boost it to 1M or if they offer an umbrella policy. Is that enough for coverage?
I was also told that I might need to get personal umbrella policy? I don’t currently have home, auto insurance, renters insurance.
Any advice would help, thanks!
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#5 Out of State Investing Contributor
- Real Estate Agent
- Columbus, OH
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#5 Out of State Investing Contributor
- Real Estate Agent
- Columbus, OH
I would only get a personal umbrella policy if you have a bunch of personal assets you could lose. I did not get one for a while.
It is also pretty cheap to bundle with your car insurance.
If you're working with a knowledgeable insurance agent they should be able to advise you on what is appropriate for your situation.
- Remington Lyman
