What's the best insurance for rental property ?

[Michael Lloyd]

Hi, new investor here. Hoping I could get some help on some insurance. Like what to look for when i am shopping around , and good and bad companies to look out for.

My property is located in Detroit ,MI

I currently have Allstate landlord insurance

Do you guys have any suggestions?

Thanks !!

[Nik Corbaxhi]

@Michael Lloyd, the insurance companies may or may not matter. What matters is that you are true in providing information to the insurance, for example, if you are renting to students, the insurance will be higher than a family, if your tenants have a dog, the breed is very important, if the house has a fireplace, you want to declare it.

Why is this important? The moment that you have to file a claim with the insurance company, the first thing they will look for is how to get out of paying you, so they will look for flows in your information.

Other than that, just shop around to see which carrier gives you the best price for the coverage that you want.