Insurance For My Rental

[AnesMD]

I am in the process of buying a rental property. Unique situation in that I am buying this house for aging parents so that they can retire in a good home and I know I have renters who will be paying on time. I am going to keep it general because I am interested in all your answers and strategies. How do you insure your rental property?

[Cubicle]

You mean more than just regular property/hazard insurance?

What risks are you trying to insure against? Trips/slips/falls? Floods? Pests?

[G]

I think my insurance calls it a fire policy. And of course you want adequate umbrella.

[dennis]

I assume you already have insurance for your primary residence. You could ask your agent if they insure rentals and if not find a general agent who can shop around for you. There are some agents that do a lot of rental insurance and know the best companies. In my experience Safeco and Foremost do a lot of single family rentals. Find a local real estate investment group in your area to get a referral for an agent in your area that handles rentals.

[Tim]

Unpack it a little: 2 policies
Property in your name:
•You will need a rental property insurance policy as the landlord. This will only cover your house structure and potential liability.
•You will need to consider a renters insurance policy in the name of your parents. Their possessions, contents and potential liability will not be covered.

[burritos]

I use landlord policy with https://www.fapcig.com/. It was like half the premium compared to farmers. I got it through my insurance broker.

[PETRA_Passive_Real Estate]

Definitely go through an insurance broker that has access to multiple insurance companies, the bigger the brokerage firm the better. It is amazing the difference in cost, and more importantly coverage, that is out there from different companies for the same thing. They can help you understand all of the options and the cost of each.