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Updated over 4 years ago on . Most recent reply

Lloyd Son's profile image
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Lloyd Son
  • Member since Jan 11, 2009
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Lloyd Son's profile image
Lloyd Son's profile image
Lloyd Son
  • Member since Jan 11, 2009
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Lloyd Son
13
Votes |
9
Posts
Starting Out

Is it a waste of money to Purchase Insurance for Rental Property?

Lloyd Son
Posted

Hi All,



Sorry if I am asking a stupid question but I am new to real estate investment, and I wasn't sure if purchasing insurance for my rental property is highly recommended? It seems like a waste of money. Thanks in advance for your thoughts and expertise

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Colleen F.'s profile image
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Colleen F.
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  • from Narragansett, RI
  • Member since Jun 7, 2013
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Colleen F.'s profile image
Colleen F.'s profile image
Colleen F.
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  • from Narragansett, RI
  • Member since Jun 7, 2013
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Colleen F.
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  • Narragansett, RI
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Colleen F.
  • Investor
  • Narragansett, RI
Replied

Liability insurance is essential. What you do beyond that actual cash value or replacement cost depends on your philosophy.    Why wouldn't you insure ?      Someone could sue you from a slip and fall any time. your property can burn to the ground. 

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