Rental Insurance Increase?

[Matt Lindsey]

Hello everyone,

I had my first claim through my insurance company (AAA) for my rental property. This involved replacing the flooring downstairs. I was given about $8K for the damage to the flooring, wall, baseboard, etc. I still haven't completed the process of getting money back for lost rent (I had to send them a copy of my signed lease). I'm expecting an increase to my insurance when it comes to renewal. What amount should I expect? Should I try to get lost rent (about $1-1.5K) or should I just eat that so I don't go over a certain amount? Thanks for the advice

[Jason Bott]

@Matt Lindsey the insurance carrier will be obligated to give you the Loss of Rents.  Are they waiting for any documentation to confirm the amount or timeline?  They should be able to communicate that to you and give you a soft deadline of when they can send out a check.

Secondly, increasing the claim from $8k-$10k will not have a large impact on your rates.