Insurance For Rentals
What can I expect to pay for typical insurance policy for a rental property?What type of coverage is recommended in terms of liability etc.
What can I expect to pay for typical insurance policy for a rental property?What type of coverage is recommended in terms of liability etc.
If you are just starting see if you can get a policy underwritten by the same company that hold your primary residence policy. I can't recall the terminolgoy, but I want to say it's an umbrella policy. anyway, it allows you to attach a few investment properties to your primary residence insurance. It is cheaper that way.
Once you get several properties, you will need to persue a commercial policy.
The premiums vary according to location, building specifics, and of course, its' value.
One of the problems with "tying in" the liability coverage to your home is just that: you are connecting personal assets (i.e. personally owned property, cars, etc...) to your rental propertie(s). As you grow in(to) your business you should be doing the exact opposite, separating the two...