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How much insurance should i have on my rental property? |
The property is in California. Im also looking for a good website that may help. enough to cover the value of the building and improvements but not the land. Enough to cover the value. 10 percent of what ever you are renting it for each year. www.foremost.com Through that company, you can get a "market value" policy, add coverage for six months of rental income, and a limited amount of liability coverage. Now, if it were ME, I'd insure for cost to rebuild, add a full year for rental income, and do a million dollars of liability coverage, AND have a personal umbrella for another million on top of that. But you'll have to do that with the company that insures the house you live in, as well. Most companies offer reimbursement policies on homes. Which means they will insure it for what it would cost to rebuild the home. The agency you call should be able to give you a figure if you provide them with the square footage, year built, and other specifics about the house. Call your local Allstate agent or check out their website---www.Allstate.com |
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