Rental Property Home Owner Insurance and Tenant Insurance Related

[Kwangmin Kim]

Hi Real estate savvies,

I am closing one rental house in Redford, MI, Dec. 2016 and trying to find out the best home insurance and tenant insurance. I mean economically because it is really dollar game to maximize my profit. I contacted a few insurance companies and got shocked because their rates are so high.

I am sure I am doing something wrong because the home insurance cost at Trulia and Zillow are very low. 

Is there anybody which company and plan are the best for this case? My property is less than 1,000 square feet and buying at $47K. 

Your two cents tip will be highly appreciated.

Andy Kim

[Jason Bott]

@Kwangmin Kim the premiums quoted on Zillow are most likely for a Homeowners policy and not a Rental/Landlord policy.

With a single SFR, you will be paying probably $800-$1,000 per year. Once you get a few locations, you can get that premium pushed down to $400-$500 per year.