Updated over 9 years ago on . Most recent reply
Renters Insurance With Pool
Im about to put a bid in for a 4 bedroom home for a long term investment, which i will rent out to tenants. It's a great opportunity, but the only thing preventing me from pulling the trigger is that it has an inground pool. Typically, how much is renters/liablility insurance with an inground pool. I called my insurance company and they said its typically between 400 and 600 dollars a year. Can anyone give some clarification?
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Beyond what @Rich Baer commented, I would also require any renters to have a renters insurance policy with a min. of 500K in liability. You need to be listed on the policy as an additional insured and a certificate holder.
If they had friends over and someone got hurt or died, their policy would be the 1st line of defense followed by your landlord policy then backed up by your umbrella policy. I would max. out the umbrella policy. Typically 5 million?
The next question I have is the pool fenced with lockable gates? If not, you need to fence it with lockable gates. You need to have verbiage in your lease requiring the tenant to keep the gates lock at all times when not directly attended.