Landlord Insurance Coverage

[Jordan Liles]

I am purchasing my first rental property and closing on it within the next 30 days. It is an older single family home that currently has a content 4-year tenant living there. The question I have regarding landlord insurance is what coverage you would suggest I get quotes on? I have heard from different sources that just fire and wind coverage should be all that is covered on a rental property but then I have seen other coverage options such as loss of income, emergency repair service, umbrella policies, etc. I know like any other kind of insurance, it is very easy to go completely broke paying all of the different premiums that life requires/suggests especially considering it is only good if you actually use it. I wanted to see if you could fill me in on what you use for your single family rental properties.