Author Topic: insurance for rental property  (Read 2088 times)


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insurance for rental property
« on: June 03, 2013, 06:46:18 PM »
I've been having a few challenges finding insurance for my rental property at a decent price.  The home was built in 1893 which seems to eliminate quite a few companies, non owner occupied which has been eliminating others. The house is actually in better shape than most homes built in the 60's-all new electrical (DH worked many years as an electrician) central air/heat etc. so it bugs me that some companies in my area have declined to quote based on the age of the house.  I'm currently paying 1350/year.  The house is 2400 sf, cost 117,000 about 8 years ago, is currently worth about 116,000 in today and is insured for a rebuild value of 177,000.  Last I looked-couldn't find a policy with max payout of only $100,000 or so.  If I had a total loss, the $100,000 would make me whole since I would have salvage value in the land. 

Any suggestions?  Thanks


  • 5 O'Clock Shadow
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Re: insurance for rental property
« Reply #1 on: June 07, 2013, 09:58:46 PM »
I would suggest reaching out to multiple insurance brokers, if you've only been going direct to insurance companies so far.  It might be better to contact the brokers via email so you can just copy/paste en masse. 

I'm sure it varies by location, etc., but for comparison I'm paying roughly $700 (can't remember the exact figure) on my rental property in South Florida which is just a small 1/1 condo insured for the minimum of $25k.


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Re: insurance for rental property
« Reply #2 on: June 07, 2013, 10:34:57 PM »
Second the suggestioin to shop around. I pay around 300 yearly for my SFRs (worth around 100k) here in NV.

You need a "landlord policy" also called a "fire policy."
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