Hello. We moved out from our single family home and turned that into a rental. It's still currently insured by my current home insurance policy but it will not be renewed by April of next year. We now have a tenant so I've been looking around for a rental property insurance. I'm not really familiar with all the terms but I've looked around this forum and it seems like they're recommending an LLC (but I only have that one property and I think it might be overkill at this point). Is the correct alternative policy Fire and Dwelling? I also read that it's a good idea to get Umbrella insurance. So what would you suggest as far as coverage goes? The current value of the house is currently around 110-120k. I got a quote from one company and it's a $730 annual premium for the following coverages:
A - Dwelling $152,000
B - Other Structures $3,040
C - Personal Property $7,600
D - Loss of Use $15,200
E - Personal Liability $300,000
F - Medical Payments to Others $2,000
Deductibles:
Section 1 Deductible $1,000
Windstorm / Hail Deductible * $3,040
Is this a good deal or is it too much? It's definitely cheaper than what my current insurance is right now that I'm paying thru Escrow ($1,996 last year). Thank you so much for taking the time to read my lengthy question.
Noel
