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What type of Insurance should I buy for my Investment Property (Townhouse)? |
What type of Insurance should I buy for my Investment Property (Townhouse)? Your insurance agent should be able to answer this question for you. I have very inexpensive insurance for my rental properties through Grange Insurance. Just Fire and Liabilty is all that is needed - renters carry their own insurance for their valuables. Landlord Insurance, one that will cover the building, surounds and plumbing etc. You should buy a Dwelling Fire Insurance, also called DP-3. This insurance similar to Homeowners, but was made for tenant occupied properties. First of all, you need to cover the "structure". Ask your agent to determine house's replacement cost. All other coverages are percentage of this structure coverage. In your policy it's called Coverage A. You will also need Liability Insurance. Liability covers bodily Injury and Property Damage |
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