Insurance Protection & Policies

[Benjamin Seibert]

I am reviewing my current insurance and was potentially looking at switching policies (to a better policy which covers more). I was wondering if there were any recommendations on things to make sure are included in my policy?

Also, what is everyone's recommendation/viewpoint on an umbrella policy? Anything to keep an eye on or make sure is included in this?

Just want to make sure I'm properly covered up front. Thanks in advance!

[Michael Norris]

Have a discussion with the agent on whether you have RCV or ACV coverage on the dwelling. RCV aka replacement cost is way better coverage but will cost more.

If you are handy or have a good local contractor maybe consider upping the deductible? Ask the agent to walk you thru some what if scenarios to figure out what deductible you are comfortable with.

Then consider maxing out the available liability on the policy before considering the umbrella. Most companies offer $1 million and some are starting to offer up to $2 million for primary liability.

Along the lines of liability ask about personal injury coverage - getting sued for wrongful eviction or for declining to rent to someone because of discriminatory reasons.

Loss of Rent coverage - if property is damaged and tenants move out you lose the rental income while repairs are being made. This coverage kicks in to cover the lost rent.

Those are the big ones off the top of my head