Rental Property Insurance for Beginners | Do You Need an Umbrella Insurance Policy?

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  • Опубликовано: 3 авг 2024
  • Let's talk about rental property insurance.
    If you are a rental property owner (or soon to be) then you probably have questions about the different types of insurance policies that are available, and which policy types you need. In today's video, I share with you all that you need to know about rental property insurance policies so that you can make the decision that's best for you.
    Curious about whether or not to put your rental properties in an LLC? Check out this video where I break down the reasons why you may or may not want to do that • Should You Put Your Re...
    Short on time? Feel free to skip ahead in today's video using the chapter links below.
    00:00 Introduction
    00:24 Types of Rental Property Insurance
    00:56 Homeowners Insurance Policy
    03:54 Umbrella Insurance Policy
    Are you interested in learning more about real estate investments and turnkey rental properties from an industry expert? Be sure to subscribe to this RUclips channel and hit that notification bell so that you can be the first to know when I upload a new video.
    For even more real estate investment tips, pick up my book on Amazon and check out more of the great resources linked below.
    📚 NOT Your How-To Guide to Real Estate Investing: Life Lessons on Hacking Your Mind Before You Hack Your Wallet amzn.to/3gLGRh1
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    and find me online with Hipster Investments at www.hipsterinvestments.com the GO-TO website for turnkey rental property investing!
    #RentalPropertyInsurance #RentalProperties #RealEstateInvesting

Комментарии • 30

  • @JessieOpportunityCostInvesting
    @JessieOpportunityCostInvesting 2 года назад +2

    Didn't even know umbrella insurance was a thing. Thank you!

  • @kimberlindy
    @kimberlindy 9 месяцев назад +2

    Just got a quote for umbrella to cover rentals and it was sky high compared to what you said you pay. by orders of magnatude, . No claims on any properties ever and 800ish credit scores. Doubles in price going from 1M to 2M in coverage.

    • @AliBooneInvest
      @AliBooneInvest  9 месяцев назад

      what were some of the quotes and by which companies? I still pay less than $30/month for mine

    • @kimberlindy
      @kimberlindy 9 месяцев назад

      @@AliBooneInvest $76/monthly for 1M, $138/monthly for 2M, $240/monthly for 5M

    • @SinaRan301
      @SinaRan301 6 месяцев назад

      Who is your insurance company? @@AliBooneInvest

  • @essys1991
    @essys1991 2 года назад +2

    Awesome video

  • @SITG2023
    @SITG2023 2 года назад +1

    Loved the information

  • @behroozroozbehi-cp4ws
    @behroozroozbehi-cp4ws Год назад +1

    Thank you so much
    I have a rental property after three years I opened LLC how can I Rent my property with LLC
    Thank you so much

    • @AliBooneInvest
      @AliBooneInvest  Год назад +1

      I'm not sure details as I've never had my properties in an LLC. Shouldn't be any different other than the lease agreement is between the tenant and the LLC, I assume.

  • @imblessed200
    @imblessed200 2 года назад +1

    Great info! My husband and I both had our own properties before we got married and bought our new. We are renting them both out. Quick question… do we have to buy special rental property insurance? Sounds like we don’t. What do you think? This would be a great video topic for your channel

    • @AliBooneInvest
      @AliBooneInvest  2 года назад +2

      thanks! Always looking for topic ideas. No, it's just normal homeowner's insurance, just let them know it's a rental property. And then umbrella insurance would be additional on top of that

    • @imblessed200
      @imblessed200 2 года назад +1

      @@AliBooneInvest You’re so awesome. Thanks for clearing that up. Have a wonderful weekend

    • @AliBooneInvest
      @AliBooneInvest  2 года назад

      you're very welcome, and you too!

    • @ShizzieShizz73
      @ShizzieShizz73 Год назад +1

      Do you have you're rentals in an LLC?

    • @AliBooneInvest
      @AliBooneInvest  Год назад

      Nope. Umbrella insurance for me.

  • @windowsvistasuxalot
    @windowsvistasuxalot 2 года назад +1

    Having to kick out multiple tenants while I await if citizens will insure me since all other companies have dropped me. 16 years renting over 9 properties and zero claims ever.

    • @AliBooneInvest
      @AliBooneInvest  2 года назад

      why do they keep dropping you? And why having to kick out the tenants?

    • @windowsvistasuxalot
      @windowsvistasuxalot 2 года назад +1

      @@AliBooneInvest within x number of miles (I’m 1/8th to 3 miles) of coastline and most the companies are getting out of the Florida market. I haven’t made a claim but many in the area did during Hurricane Sally.

    • @windowsvistasuxalot
      @windowsvistasuxalot 2 года назад +1

      @@AliBooneInvest when my policy drops I can’t keep a tenant in with no liability according to my umbrella policy. I haven’t found a company willing to write a liability/fire policy with no windstorm so until I solve it everyone has been evicted.

    • @AliBooneInvest
      @AliBooneInvest  2 года назад

      oh! I follow now

    • @AliBooneInvest
      @AliBooneInvest  2 года назад

      oooohhh. I totally get it now. There has to be insurance companies who will insur on the FL coastline though. Are you on Bigger pockets website? You could post in the forum asking if anyone else is experiencing similar and if they've found solutions

  • @DemelzaHays
    @DemelzaHays Год назад +1

    Which insurance company do you have?

    • @AliBooneInvest
      @AliBooneInvest  Год назад

      I use USAA. You have to have military ties to use them though. But if you do, they are absolutely phenomenal. More expensive, but worth every penny in my mind.

  • @bonnieholle4837
    @bonnieholle4837 7 месяцев назад +1

    Do I need umbrella insurance when renting to a close family member?

    • @AliBooneInvest
      @AliBooneInvest  7 месяцев назад

      I think umbrella insurance is so cheap it can't hurt. Plus, it may not be your family member....what if they have a friend over who falls and tries to sue you. Plus umbrella covers your cars and such too.

  • @donhenderson4002
    @donhenderson4002 2 года назад +1

    What Insurance Company do you have?

    • @AliBooneInvest
      @AliBooneInvest  2 года назад +1

      I use USAA. They're amazing, but they only offer replacement cost policies and you have to have military ties to use teg company. If you do though, I highly recommend!