It's kind of like having car insurance, you don't think about it till the accident but it is better to think about it before hand and be covered if things go poorly.

Discounts on new construction, wanting to use a house hack strategy, available FHA financing, insurance costs in FL.

We have insurance to cover dwelling.

@Kathy Tran make sure the tenant is paying CLOSE to market rent.Do NOT be short sighted over a 5-10% difference.A good, stable, long-term tenant is worth at least 5-10% less than market rent.On the other hand, did you get the rent ledgers?

My mortgage, taxes, interest, and insurance is a bit over $1,400, so it's almost living for free, I'll take it.After I did the revision on the monthly rent + utilities, I got about 8 inquiries, 2 of which said they wanted to see it but never showed up!  

@Russell Brazil , North Laurel is not a bad area to invest if one is looking into high value, stable appreciation property, and low maintenance tenant.

It used to be included on a lot of our auto insurance policies but many companies have gone away with it to keep costs down.

Think of PM like insurance- you wouldn't own a property without insuring it. 99% of the time, things are fine and you don't need the insurance and it feels like you are throwing money away, but when your house floods or burns down, you'll be happy you paid those premiums. 

This includes getting comps or an appraisal to verify value, lenders title insurance,  a proper note and mortgage,  and you must be listed as a mortgagee on the borrowers property insurance policy.Our lending criteria in our lending business caps our loans at 65% of the after repair value and we control all rehab funds as we hold them in escrow. 

Insurance is an expensive pain in the *** but man are people grateful they have good insurance when they need it.