Insurance on Rental Properties

[Brian Dickerson]

We are in the process of closing our first deal and shopping insurance providers for the property.  We have some agents giving us a policy that includes the structure and $300k of liability coverage.  On the other hand, a guy from nationwide is telling us that the policy can only be a 'fire' policy covering the structure, and the liability coverage would extend from the liability coverage on our PRIMARY residence.  Not sure if it matters , but the rental property is in NY and we live in FL.

Can someone who knows more than I break this down for me please?

What is the norm?