insurance questions with first rental

[Joe Boggin]

i closed on my first rental last month. i found a tenant and im looking into insurance. the property is a small 1000 square feet row home in philadelphia. zillow and city have the market value between 47-53k. comps in the area have sold for 53-62k. regardless of value, i dont know how to navigate insurance. the property, water, and sewer is in my name. the electric and cable are in the name of the tenant.

with my primary residence i have liberty mutual insure my cars and my homeowners. i spoke to my agent and he quoted me around 950 for the year. i asked why so much more then my primary residence considering my primary is 4 times the value and size. he told me non owner occupied properties have more of a liability. it makes sense.

in any event...how do you shop around insurance for a rental property? what are expected yearly premiums? i just want a basic coverage (fire/liability??)....the lease directs the tenant to obtain his own renters insurance for whatever purpose that serves. any damage to property i would probably pay out of pocket instead of making a claim considering im kinda handy and the place is pretty small. any help?

[Graham Mink]

Hi Joe,

Check out the following thread:

https://www.biggerpockets.com/forums/95/topics/102581

It addresses many of the issues regarding insuring rental properties.