The premium on my insurance policy for my rental is $109/yr. Now that I think about it, that seems insanely low, so I want to make sure I'm adequately covered. It's a 4bd/4ba condo, so the HOA takes care of the roof, exterior, etc. and essentially all I'm insuring is the interior. The policy is through my LLC.
Currently the coverage according to the statement is: A-Building: 2000, B-Personal Property: 2000, C-Rent Loss: Act Loss?, D-Loss Ases: 1000 (no idea what this means), L-Business Liability: 500000, M-Med/Personal:5000, and General Aggregate: 1000000.
"Personal property" is limited to the appliances and HVAC, but I have a home warranty on this so I'm likely covered... in fact I may be double covered. Would it be worth it to drop the home warranty next year? I had a 2K HVAC replacement shortly after purchasing the rental so I think I've been a bit shell shocked from that (though I've always had adequate reserves to cover it).
Anyway, would be so grateful if any insurance experts could chime in. Thanks!
ETA: Property worth about $105K-$110K.