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Landlord Insurance - Any ideas?
Posted on 5/25/11 at 2:03 pm
Posted on 5/25/11 at 2:03 pm
I am renting my home starting next month for the first time. Have homeowner's policy through L. mutual. Do I need only a landlord policy since im not living in the home or add one to my exisitng policy?
5
Posted on 5/25/11 at 2:08 pm to buford4LSU
You need to convert/rewrite your homeowner's policy to a dwelling policy.
Posted on 5/26/11 at 8:59 am to buford4LSU
quote:
I am renting my home starting next month for the first time. Have homeowner's policy through L. mutual. Do I need only a landlord policy since im not living in the home or add one to my exisitng policy?
call your agent, remove homeowner's policy, add landlord policy...I did this a few months ago..they're roughly the same price..I think the landlord policy is 100 dollars a year more
Posted on 5/26/11 at 10:10 am to dillpickleLSU
Make sure that the coverage extends to any appliances or other items you are leaving in the house for the tenants' benefit.
Posted on 5/26/11 at 2:22 pm to buford4LSU
You need to write a new policy on it. Dwelling Fire - Tenant Occupied. You can have a claim denied if it is insured incorrectly.
I don't think Lib Mut is writing Dwg Fire policies though.
I don't think Lib Mut is writing Dwg Fire policies though.
This post was edited on 5/26/11 at 2:24 pm
Posted on 5/26/11 at 4:44 pm to Slickback
Thanks. probably going with allstate or state farm.
Posted on 5/26/11 at 9:04 pm to buford4LSU
quote:
state farm
I asked my agent the other day and they are not writing where I am located, don't know if it is the entire state or not...
Posted on 5/27/11 at 8:56 am to buford4LSU
Where will you be living?
If you will be renting a place, you will probably need a tenant / renters policy for yourself.
If you will be renting a place, you will probably need a tenant / renters policy for yourself.
Posted on 5/27/11 at 10:50 am to buford4LSU
quote:
Thanks. probably going with allstate or state farm.
Both of them are very tight on new business. I'm not sure if either or writing dwelling policies in LA right not. Especially if you don't have a primary home and auto with them.
Posted on 5/27/11 at 11:14 am to buford4LSU
quote:
buford4LSU
where's the house at? Help us help you, shite.
Posted on 5/27/11 at 11:18 am to buford4LSU
I'd make sure to have an umbrella policy as well. A million is only about 100 bucks per year. Peace of mind just in case someone gets hurt/dies in an accident in your house and decides to sue you.
Posted on 5/27/11 at 12:06 pm to Ric Flair
quote:
I'd make sure to have an umbrella policy as well. A million is only about 100 bucks per year. Peace of mind just in case someone gets hurt/dies in an accident in your house and decides to sue you.
Good advice, but he'd have to bump his auto liab up to at least 250/500 (w/most companies) if he's not there already. That's another couple hundred a year too.
Get the max liability you can get on the dwelling policy. To go from 100k to 500k is usually only about $40/yr.
I'd recommend everyone who has a HO or Dwelling policy to do the same. To go from $300k - $500k is usually less than $15/yr.
Posted on 5/27/11 at 12:11 pm to Slickback
he can probably add liability on rental unit onto his HO policy.
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