What type of insurance do you carry for your rentals?

[Thuy Pham-Satrappe]

Do you carry a Homeowner's Policy, a Landlord Policy, Fire Insurance, or another type of insurance for your rentals? I've heard so many different options I'm not really sure what to ask to be quoted.

Also- do you get a different/ separate policy while the property is vacant and being renovated?

Thanks in advance!

[Matt Moylan]

@Thuy Pham-Satrappe

You will need a homeowners policy for your primary residence

For your rental properties, you'll need a landlord policy.  These policies are also known as Fire Dwelling and Dwelling Fire

For liability I always recommend to my clients a minimum of 500k then adding at least a $1M umbrella on top of all policies

If the building is vacant or being renovated (depending on the extent of the renovations), yes you would need a different policy.  If it is simply vacant or is having minor renovations, you could get a vacant dwelling policy.  If there are major renovations or the time frame of the renovations is more than 2 months, you would need a builders risk policy.

Is your current insurance broker guiding you through these different policies or are you having to do all the research on your own?