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Old 09-21-2013, 09:06 PM
 
Location: Springfield
2,765 posts, read 8,325,339 times
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Do you have dwelling only insurance on your rental properties? I think I am over insuring my properties to cover my tenant's personal items that are not mine. My current insurance company said they do not have dwelling-only policies, but I was wondering how everyone else was insuring their rental properties. Maybe I could save some money by lowering my homeowners insurance payments. Thanks guys!
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Old 09-22-2013, 08:14 AM
 
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We have dwelling only insurance. Your tenants can purchase their own rental insurance to insure their personal property. http://www.scc.virginia.gov/boi/pubs/va_rent.pdf

ETA: We also state in our lease that tenants are required to have renter's insurance.

Last edited by mlv311; 09-22-2013 at 08:58 AM..
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Old 09-22-2013, 08:40 AM
 
Location: Huntsville, AL
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We also have dwelling only insurance (my insurance co calls it a "fire policy"). It's in our lease that tenants are required to have renter's insurance for the duration of the lease.
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Old 09-22-2013, 11:27 AM
 
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My insurance company actually calls our policy a "landlord policy," which I assume is the same thing as a dwelling only policy. It's quite inexpensive compared to regular homeowners' policies, and, like the others mentioned, we also have it stated as a requirement in our lease that the tenant have their own renter's policy.
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Old 09-22-2013, 12:28 PM
 
Location: Ashburn, VA
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We also have a "landlord policy" and a stipulation in the lease that the tenant is required to have insurance.
We also have an umbrella liability policy that covers all the properties.
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Old 09-23-2013, 01:54 PM
 
Location: Springfield
2,765 posts, read 8,325,339 times
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Quote:
Originally Posted by mdcrim View Post
We also have a "landlord policy" and a stipulation in the lease that the tenant is required to have insurance.
We also have an umbrella liability policy that covers all the properties.

Which insurance company is everyone using?
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Old 09-23-2013, 02:46 PM
 
Location: Ashburn, VA
989 posts, read 2,854,446 times
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Right now it's Allstate. I do have to call them every year when I get my bill to scream about it going up 30% and they always lower it back down. It's a pain but it has worked so far. They tend to hit all their policy holders with increases to try and balance out all the money they've paid out, regardless of whether you personally have ever had a claim.
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Old 09-23-2013, 06:54 PM
 
Location: Northern Virginia
499 posts, read 2,156,254 times
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I only insure the structure. I don't insure any of the tenants personal property. They have a renters insurance policy. If your insurance company doesn't offer a policy that only insures the structure, I recommend finding a new insurer.

My insurance company is USAA.
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Old 09-23-2013, 07:02 PM
 
Location: DMV
10,125 posts, read 13,979,004 times
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I have the same dwelling insurance and I used Assurant (Geico). It only covers everything that was in the property prior to my tenants moving in, but anything they bring in, is the responsibility of their rental insurance.
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Old 09-23-2013, 07:25 PM
 
Location: Springfield
2,765 posts, read 8,325,339 times
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Quote:
Originally Posted by pgtvatitans View Post
I have the same dwelling insurance and I used Assurant (Geico). It only covers everything that was in the property prior to my tenants moving in, but anything they bring in, is the responsibility of their rental insurance.
Thanks, is that property in Virginia?
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