Rental Home Insurance Knowledge

[Dimitri Paspalaris]

What literature or video do yal recommend on the topic of insurance for rental properties? I got two insurances companies telling me two things and I am trying to figure out which one is the correct one. One policy covers the coverage A dwelling at 75k and the other at 150k. The town home has an HOA policy and is being bought for 165k. Thanks for the help.

[John Mocker]

Dimitri,
You mention Townhome and HOA. Is this a townhouse condo unit or is it a free standing house in a homeowners Association. Either way, you should check the HOA bylaws to find out what you own and what the association owns.

That is especially important in the Condo Association situation. In that situation, the Association owns most of the Building but you will also own some things. The description of the unit in the Bylaws will give you a lot of that info. You could own the sheet rock, cabinets, fixtures, etc.

Unlike figuring the rebuilding cost of a free standing house, calculating the amount of coverage for the parts of a condo you own (sometimes refered to Improvements & Betterments or I&B's) is harder and may lead to quotes being all over the place. Good luck with the process and feel free to PM me if you run into questions on what to cover.