Your Owner Insurance Vendor in Philadelphia

[Kenji Tominaga]

Hello my fellow investors in Philadelphia!

My first-ever offer currently got accepted (yay!) and I'm going through the closing process.
I'm looking for your recommendation around landlord insurance.
- Which insurance company do you recommend?
- What kind of plan are you buying?
- From Rookie podcast, I heard it's good to have an umbrella policy. Is this the only policy I would need? or I need an umbrella policy on top of some kind of rental policy?

Thank you for your time and advice in advance!

[Stuart Udis]

@Kenji Tominaga congrats on the accepted offer. To answer your question, it depends on the property and your plans.  You will need to insure the building improvements and you will want general liability coverage. If you are renovating the building you will also need builders risk insurance coverage which can be removed once the renovations are completed. If the property is tenant occupied, you should require your tenants to have renters policies and lastly and just as important as the insurance you obtain is knowing all vendors you rely upon to perform work at the property and on your behalf are properly insured. Since you appear to live in Brooklyn I assume you will rely on a 3rd party property manager. It’s important the company has progressional liability and commercial general liability coverage and any sub contract relationship the PM relied upon carries adequate insurance coverage. Always best practice to be listed as additional insured as the property owner as well. 

There’s plenty of insurance brokers who can help you originate the necessary policies.