Investment Property Insurance

[Donald D Michna]

The Bigger Pockets Daily Podcast #186 mentions how to protect  your property with landlord insurance. We have had the same insurance for our long-term rentals  for a few years as well as a million dollar umbellar policy. We have dwelling insurance including the garage, rental values to cover a years worth of income and personal property of $10K. We live in Milwaukee County, Wisconsin. We are trying to be safe with the coverage that we have, I also do not want to leave us exposed to risk. 

This property has existing long term tenants that we plan to transition to short term tenants 2-3 months per tenant. We are not interested in 2-3 day short term tenants. Let me know what we should be including and if there is anything specific for short term rentals.

[Matthew Powell]

Hey Donald! If it's AirBnB, they have included insurance coverage for Hosts. I haven't done STR in a few years so definitely look into that and see if they are already filling in any gaps in coverage! Umbrella policies should cover any other gaps and protect any other assets. Also, if you shop for new insurances definitely go to a broker instead of an agent so your broker can give you multiple different quotes and even get you customized insurance that will suit you best! Hope this helps!