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Old 03-24-2017, 08:07 PM
 
181 posts, read 429,324 times
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Will have rental houses soon. What kind of insurance broker is used to cover the landlord?
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Old 03-24-2017, 10:25 PM
 
Location: Lancaster, PA
997 posts, read 1,311,653 times
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Just call you insurance agent and get a landlord policy. Make sure your tenant has a rental policy too.
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Old 03-25-2017, 09:00 AM
 
Location: SW Austin & Wimberley
6,333 posts, read 18,049,590 times
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Quote:
Originally Posted by JT-3 View Post
Just call you insurance agent and get a landlord policy. Make sure your tenant has a rental policy too.
Yes. Call an insurance agent.

You need a Rental Dwelling Policy. Or what some tern a "Fire and Wind Policy". It covers the dwelling but not the contents. And you need to add Liability coverage, or what we use to call "slip and fall" insurance in case an injury happens on the property and your tenant or tenant's guest or invitee sues you.

You can't require your tenant by law to have Renter's Insurance, but it should be strongly encouraged. Most standard leases cover this.

Finally, you probably should hire a property manager because if you needed help on knowing what insurance to buy you probably need help on the 1000+ other things you need to know in order to be a competent landlord. Else you are your own worst liability and that exposure will soon, or eventually, reveal itself, possibly at great cost.

Good luck!

Steve
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Old 03-25-2017, 10:51 AM
 
181 posts, read 429,324 times
Reputation: 66
Thinking about the property management, but the best one out my way just raised their rates to 15% of the rent. Big chunk of money. Looks like I don't need a special kind of agent. Thanks for the replies.
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Old 03-26-2017, 12:11 PM
JH6
 
1,435 posts, read 3,216,327 times
Reputation: 1162
The common rate is 10 percent for property management, I would keep looking.

Also you will need the landlord insurance. I always include some brochures for renters insurance for my renters and make it clear that it is in their best interest to purchase insurance, but I can not require it.

It explains that their personal items are not covered by my insurance, at all.
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