Insurance on a rent house?

[Jenny Seaborn]

What sort of insurance coverage should I carry on our rent house? The appraised value of the house is $54,500. Our current insurance is charging us $1,053 for the year and it covers $119,000 for the dwelling and $119,000 for Vandalism. Are we paying too much?Thank you.

[Randy E.]

I'd say you are paying too much.  For four years, I paid nearly the same as you for similarly valued properties.  I went to an independent insurance agency that offered policies from many different carriers.  I ended up with policies in the $250-$300 a year range.  They don't cover vandalism, but that's a calculated risk I'm willing to take.