Landlord insurance for first SFR

[Nicholas Z.]

Hi everyone,

I'm in the finishing stages of buying my first rental property in Rock Island, IL. The property costs $100,000 and was built in 1930, and is being completely renovated (this is a turnkey investment). I'm investigating landlord insurance and got two quotes, and they are pretty far off from one another, so I was curious what people thought? Is one company underinsuring me and the other is spot-on, or is one company over-insuring me and the other is more reasonable? Note that this property will end up in an LLC.

Quote #1: $693/year, $1000 deductible

Dwelling $80,000
Personal Property $1,000
Loss of Rents $8,000
Premises Liability $300,000
Medical Payments $500
Water Backup of Sewers or Drains Incl.
Mine Subsidence - Illinois $80,000

Quote #2: $925.55/year, $1000 deductible

Dwelling $201,100
Other Structures $20,110
Personal Property $3,000
Loss Of Rents $20,110
Landlord Liability $500,000
Medical Payments $5,000

Note: Quote #1 is for actual value and quote #2 is for full replacement cost. I'm still unsure which of those options makes sense at this point.