Insurance for small condo purchased as investment property

[Sean Zhang]

Hi!

As a newbie to the real estate world, we just bought a small apartment unit (1b1b) in an building complex as an investment property.

Since the unit is so small, we just paid it in cash. We still have the original tenant from the seller. So everything works just fine.

Some more info:

1. The condo HOA has the master insurance that covers structure, exterior, and roof. Ours are on the 3rd floor, so no need to worry about flood as well.

2. Interiors such as floors, appliances, etc are cheap/old ones, so I really don’t care if those needs to be replaced.

My questions are

1. Is it necessary to get any sort of condo or landlord i insurance for this property?

2. If so, how much should I aim for? The unit price was ~$50k.

3. If not, is the umbrella insurance good enough?

Thanks for all the advices in advance!

Regards,

Sean

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