All Forum Posts by: Noel R.

Bump!

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

Thanks. I am now subscribed to the podcast.

Hello. I've been trolling this site for a few months. I'm actually an accidental landlord. We had to move out for safety reason and also to find a better school district. But now that we finally have a renter on our house, I started researching and learning more about managing a rental property which lead me into learning more about Real Estate investing and the interest I have on it keeps growing and growing! I just finished the free e-Book from this website and I'm now currently reading The Millionaire Real Estate Investor by Gary Keller.

I plan to learn more and hopefully get started in owning rental properties. I got so many questions! :)