Homeowner's insurance for a rental property

[Manan Patel]

Hello BP Family - 

Happy New Year! 

I am about to close on my first rental property in coming weeks. I want to know the general/specifics that I should keep in mind as I shop around for a policy. Any bitter/sweet experiences that you dealt with in the past that I should consider? I am open for any suggestions/recommendations on insurance company that you have/had a policy with. My property is located near Tacoma WA.

Appreciate your guidance!

[John Leake]

I use State Farm for my longer term rentals and Farmer's Insurance for my flip houses. I always make sure I have a good umbrella policy but I would also be interested what other folks are doing for insurance. Sometimes I wonder about shopping around every year but I believe that could become a significant amount of work as the portfolio grows larger. I thought I heard on the podcast recently that maybe Brandon Turner was using a insurance Broker to handle that process for him now so that could be the best way to start.