what type of insurance should i get for investment property?
Posted on Sep 24, 2009 under Insurance Information |The property is a 3 family rental property in Ct
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Insurance Information
The property is a 3 family rental property in Ct
September 24th, 2009 at 8:07 am
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September 24th, 2009 at 8:07 am
You should force the tenants to get rental insurance. Your umbrella coverage will be a lot less.
September 24th, 2009 at 8:07 am
HOME INSURANCE!!!
**LIL MISS VIXION**
September 24th, 2009 at 8:07 am
You can only get a homeowner policy on a dwelling you reside in. If this is just an investment property, you will need a fire insurance policy to cover the structure. You will also need liability insurance to cover yourself in case of a lawsuit against you. Some policies will combine both together. The best thing you can do is shop around.
I would also require my tenants to carry their own renters insurance to cover not only their own posessions but so they would have liability coverage also. (This has no effect on your own liability coverages)
September 24th, 2009 at 8:07 am
fire is very important! a townhome behind my own burned down due to renter’s negligence. foreclosed shortly thereafter.
Still, get free advice from several insurance agents who insure that area specifically. Local regulations and environments make difference. For example, Florida wind can be destructive.