Landlord Insurance Advice

[Rosa Le]

Hello!

A lease agreement has just been signed by two tenants who will be moving in November 3, 2023. Unfortunately, I had put insurance on the back burner as I was navigating through finishing up renovations and marketing the property during this, less-than-ideal rental season. I had found another forum on bigger pockets that had some great recommendations on what to look for, including seeking out a local insurance broker. They said that the monthly rate should be expected to be no more than $30-$50/month for a 1b1b unit. I was unable to save/follow that forum for reference later, so now I'm hoping similar people can offer some advice. I asked for coverage with the specs below for my area (recommended by individuals on that forum). 

1) Total Value Property Coverage and any potential losses due to tenant-caused harm in the form of "replacement cost."
2) Liability Coverage - I have been advised to get 3x net worth. Further advice is welcome.
3) Medical Payments Coverage/No Fault Coverage - $5K-$10K
4) Loss of Use

I received a quote by a local broker today and am mainly concerned about the high deductible. To be clear, my property is a 1b1b, 785 sqf condo in Issaquah, WA. Our HOA has a master insurance policy that covers "walls-in." Can anyone give me some input on whether what was found for me is in the ballpark of what is appropriate?

Carrier	Landlord Condo
Safeco	$425.00 Annual Premium w/ $25,000 deductible

Landlord Condo Coverage: 
Dwelling: $50,000
Personal Property: $5,000
Loss of Rent: $20,000
Personal Liability: $300,000
Medical Payments: $1,000
All Perils Deductible: $1,000.00

Really appreciate anyone's thoughts on this. I just want to make sure I'm protected, as WA State is such a difficult place for landlords. Thanks so much!

[Pete M.]

That deductible ($25k) is rather high, honestly.  I'd normally look at $5k-$10k and plan to keep capital reserves for anything not covered or below that.  The limits seem low to me, but I'm not a P&C insurance specialist.

Happy to make a connection for you to another real estate investor-friendly P&C broker, if you want a second opinion.

Also, not sure if Matthew G meant "friendly to tenants," but I certainly would not call WA state (and especially King county) as landlord-friendly.