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Homeowner Insurance Investment property ?

Started by basicinformation
over 14 years ago
Posts: 82
Member since: Oct 2008
Discussion about
Hi, I bought a 1 bedroom condo that I am going to rent out. What kind of insurance am I supposed to get ? And what would be a reasonable quote for it ? Thanks for your help
Response by basicinformation
over 14 years ago
Posts: 82
Member since: Oct 2008

I guess I ll find out on my own :)

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Response by hol4
over 14 years ago
Posts: 710
Member since: Nov 2008

landlord insurance.. call around .. i saved big by consolidating with my auto.. where my LL insurance was actually LOWER than had it been my primary res with another insurance..

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Response by hol4
over 14 years ago
Posts: 710
Member since: Nov 2008

..then i saved even more by going to another company that had crappy auto ins but specialized in condo/coop/ll....so sometimes consolidation isnt everything

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Response by basicinformation
over 14 years ago
Posts: 82
Member since: Oct 2008

ok, any idea of what a reasonable price should be ? I got a first quote being 800 usd / year. It s a 1 br in Chelsea.

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Response by RealEstateNY
over 14 years ago
Posts: 772
Member since: Aug 2009

Don't worry about the $800 per year, it's all deductable from your rental income. Just make sure you have adequate insurance, nothing worse than being under-insured.

As to the price being reasonable, just check with 2 other insurance companies and take the best quote. Also if you use your current insurer for your apartment/home and auto you can generally get a better deal.

Much more important than the price of insurance is getting a good tenant. Good Luck.

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Response by basicinformation
over 14 years ago
Posts: 82
Member since: Oct 2008

wisdom ! thanks... I actually literally did what you said and it s working well.. didnt sign anything yet, but I definitely will with my current insurer

good advice, thank you all !

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