Do you rent out your property without home owners insurance?

[Brian Powell]

I'm looking to buy my first investment property in Merritt island or Cocoa Beach Florida area and I would like to know if there are others who roll the dice on not carrying a full home owners insurance policy. I would be paying cash on a 3 bedroom house so insurance and flooding coverage is not required by any lender. Anyone who buys on East Coast of Florida knows the pain of high insurance rates so I would like to hear some opinions from those who have already made their decisions. This house will either be 2 blocks from the beach or 3 miles west of the beach, depending on if I buy in Cocoa Beach or Merritt island. I'm pretty sure that full insurance policy will run around $3000 per year + $400 for flood. For those of you that have opted to not carry full insurance, have you opted for renters coverage (theft, injury) or umbrella policy only (liability). 

I appreciate any input I can get on this.

BP

[Dale Walker]

Always have insurance on your property which covers the building and protects you. I have my renters responsible for their own property. When they move in, I tell them my insurance only covers the building and it does NOT cover any of their stuff. They need to get their own renters insurance to cover it in case of fire, flood, or theft.