Home insurance for Rental properties
Hi all,
Curious on what your thoughts are on the best home insurance for rental properties (SFH). My first property that I just rented out is under AAA, should I just stick with AAA for the next rental property that I am currently in escrow in that I will be house hacking or do should I switch both to something like Farmers? I heard there are more benefits to farmers if your an investor? Who do yo all go with for home insurance? Thanks!
Note* Im new, this will be my rental property #2
~Jeff
Most Popular Reply
I found American Modern to be very good for many years. Only reason I left them was I hit the max # of properties and had to move to a commercial policy.
More important than the insurer - give good thought to your risk management strategy. You can manage risk in 3 ways - accept, mitigate and transfer. For example, to lower my rates I accept the risk of high deductibles and insuring to 75% of ACV. I mitigate risk through tenant selection and ongoing maintenance. I transfer risk by buying insurance.