We own a few rental properties in Michigan and have notes on each of them.Currently we carry 1.5 million of liability coverage on each property (500K base, plus a 1 million dollar umbrella).

Make sure that their insurance information is accurate – and that their coverage is in force before letting them begin a job.Visit one of their worksites – Wouldn’t it be nice if you could somehow magically know ahead of time what the quality of your contractor’s work will be?

I gave him $1500 to get his guys insurance coverage so I could hire him -- today, he's done 6 projects for me, has made nearly $30K off me, and has saved me probably close to that same amount because he's so inexpensive.

You might want to look at "builder's risk" that may give you better coverage.

Check their insurance coverage too.

Unfortunately, the consumer is fooled by the name and ends up coming back for more paint when they find that it takes more of the thinned out product to get complete coverage.

And I do not like to spend even a minute without coverage.

I've been giving conflicting advice on liability coverage.

This topic has pretty good coverage.

Rules 3-156, see rule 1.You insurance policy is probably going to be a Fire and Extended Coverage (E C), similar to your homeowner's policy except no coverage for contents.