Insurance 101

[Ravi P.]

My basic understanding of insurance is that insurance is a waste of money until you need to use it. 

I just received my renewal notice for my Rentals but I really do not know what I am paying for. I know it covers any damage my condos may cause and protects the banks from any losses due to damage. I am looking to get a better idea of  the ins and outs of insurance.  I never really understood what is adequate and what I should include in my policy. I always rely on my Agents recommendations. I never really though it was a big deal since I am only paying $312 for 5 condos. As I hopefully grow, I want to make sure that my *** is covered. 

I frequently see BP posters asking if their rate is high or what they should be paying for this type of property. I know there are many variable that come into play.  Can any one recommend any sites or articles which can provide some depth into rental insurance. 

Thanks