Best landlords insurance for sfh?

Question

Hey,

I own a 3/2 single family home 1,200 sq ft with no garage. I want to rent it out. Which insurance company should I do go?

Big name or small size.

Juan David Maldonado · Answer

@Owen Rosen thank you Owen for that advice. A insurance broker is a good idea & I will research one here in SA.

Alyssa Marquez · Answer

Rather than taking the initial company's rate, I would get quotes from others because these landlord policies vary quite a bit according to where the property is and exactly what type of property it is. I would request quotes from a few companies, then take the time to compare not just the rate, but also dwelling coverage limits, liability limits, loss of rent coverage,deductiblesandexclusions. Having a freelance insurance broker compare rates can save you a lot of time. Most importantly, be sure you're not relying on your homeowners policy once the tenant moves in, but rather purchasing a landlords/rental dwelling policy.

Juan David Maldonado · Answer

That's awesome to hear! What do you think is the best way to get quotes for landlords insurance? Go in person to speak to someone at the individual insurance office or call up every office around me?

Owen Rosen · Answer

Work with an Independent Agent/Broker that can access a large portion of the insurance market. With Allstate, you're stuck with Allstate alone. That's unlikely to be a long term solution. Also, most (not all, but way too many) of their agents are poorly (or not) trained and throw out bare bones quotes becuase they don't know how else to earn business or worse they just don't know better.

Bill B. · Answer

I went with Allstate.

1) They discounted my personal vehicles and home 20% for multiple policies.
2) They’ve covered three plumbing floods no questions asked handling everything from remediation to repair with no need for me to be involved.
3) I’m getting this service for what I consider reasonable prices it would be hard for a no name, might help me, could/would charge.

In 15 years prices have doubled from almost nothing (Less than $700/yr) to about $1,200/yr. But the properties have grown in value from less than $200k to over $400k. I’m sure repairs have more than doubled during that time.

Maybe they’re reasonable in your market maybe they’re not. But make sure you’re saving a boatload if you go with someone that might not pay if you ever make a claim.

Best landlords insurance for sfh?

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