Insurance on my first Rental

[Asem AbuAwad]

Hi BP Family,

I am trying to see what kind of insurance I can have on my first rental home(my primary). I called my insurance company hoping to just insure the outside of the house(to lower my monthly payment) but they quoted me double what I am paying now just because they have been receiving lots of claims from rented homes.

Any idea what I need to proceed in this step?  What do investors elect when they want to rent their home or properties?

Thanks,

Asem

[Johnathan Alesso]

I would first check with other local insurance companies.  You can find references on this forum or from other local investors. 

Are you requesting full coverage of actual-cash-value (ACV)?  The ACV quotes are much lower, but so is the coverage level.  I personally use ACV for the much lower rates.

Have you contacted Foremost Insurance?