Ridgewood, NY · Member since 2015 · 32 posts · 5 votes
Hi everybody,
My team and I just acquired our 5th property. I am trying to evaluate our insurance needs for 4 condos, and 1 SFH. We currently have policies for each place, which have minimal interior coverage, and 100k of liability per policy. Each policy costs about 300 bucks a year. While we don't have enough capital to "self insure" these places, they are relatively inexpensive. Our primary concern is liability insurance.
Is it typically cheaper to have one policy for all properties as you start to acquire more units? Is this possible? Do we keep just adding a 300 dollar policy for each new unit? 100k liability per place probably isn't enough either.
I know more information is probably required, but any general opinions would be great! Just starting to do my initial research.Thank you!
@Account Closed You can definitely get the cost down on the condos if you combine onto 1 policy. I have several clients in FL who do not carry property coverage and only have $1M liability for about $110-$120/unit/year. I'll PM you the info.
As a landlord, you need the landlord policy and it should come with significant liability coverage (read one million or more) plus the standard to cover the mortgagee. The policy is per property address, so if you hold more than one ... you need more policies.
It might be good to compare an Umbrella Policy vs Landlord liability coverage.
Why such high liability coverage? If a tenant (or one of their guests) is severely injured while on you property - - you are the deep pockets and they WILL come after you!