All Forum Posts by: Kathy Villagomez

Hi,

I have a SFH in Castalia, Ohio that we want to rent. I was wondering what the standard expectation for rental insurance amount should be. Here's the language in the lease:

Landlord, in its sole discretion and for its sole benefit, may cause the Premises to be insured as it deems appropriate. Tenant will have no right or claim to any insurance or insurance proceeds of Landlord. Tenant acknowledges that Landlord has no obligation to obtain insurance for Tenant including, but not limited to, liability, hazard, or contents insurance. Tenant shall, at Tenant’s sole cost and expense, obtain renter’s insurance covering the full value of all personal property of Tenant in the Premises, and providing liability coverage to Tenant in an amount not less than $_________, which policy shall name Landlord as an additional insured. Tenant shall maintain such renter’s insurance at all times during the Term of the Lease. Tenant shall provide a certificate of insurance to Landlord demonstrating that Tenant has procured the required insurance coverage, within 10 days after the commencement of the Term of this Lease and within 10 days after any renewal or change in such insurance coverage. If Tenant fails to procure the required insurance, allows such insurance to be cancelled or to lapse, or fails to timely provide the required certificates of insurance, the same shall be a Default of this Lease.

I'm not sure what to enter as an amount for the policy coverage.  Any tips?

Thank you,

Kathy

@James Wise   Thank you for your feedback. It's validating. I will be seeking quotes. If you have any suggestions as to a broker or carrier that I should check out, please let me know.

@John Mocker  Thanks for the pointers and considerations.

Hi,

I have a SFR rental that needs to be insured. Any recommendations as to reasonable insurance company. Currently using AAA of Ohio which is costing almost as much as my home in California. The property is in good condition and is located in Sandusky. Any tips would be greatly appreciated.

Thanks,

Kathy

@Levi Giafaglione  I just stumbled across your post re: shipping container home and  land purchase three years ago.  How did everything work out?  I'm intrigued especially since I am researching a potential land deal. I have so many questions.....where did you purchase the land? what company did you use for shipping container and are you satisfied? were there any other hiccups? 

I'd be interested in learning due diligence and borrowing for a land purchase

@Nick Rutkowski....thank you   @Scott M.  I didn't even consider zoning! thanks

@Nathan Gesner @Theresa Harris @David M.

Thank you all so much...very helpful. 

Thank you all for your responses. Very helpful!

Curious, when you have 3 non related individuals renting a home together, do you have them all apply separately and have separate leases. They are choosing to be roommates and rent the house together.  Any information would be helpful. 

Thank you

Kathy

Hi,

I finally have my first out of state rental and am wondering....

Do I hire a property manager to lease the property and self manage or do I use a tenant screening service such as Rentprep or just go with Rentredi where I get a discount?

The home has been vastly updated so maintenance will be minimal. I have relatives in the area to show the property.  There are already two prospective applicants just by word of mouth.

Does anyone have any experience with either of these programs? Any tips?

Signed Indecisive Ida :-)