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
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#RentalPropertyInsurance #RentalProperties #RealEstateInvesting
Didn't even know umbrella insurance was a thing. Thank you!
you're welcome!
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.
what were some of the quotes and by which companies? I still pay less than $30/month for mine
@@AliBooneInvest $76/monthly for 1M, $138/monthly for 2M, $240/monthly for 5M
Who is your insurance company? @@AliBooneInvest
Awesome video
thanks!
Loved the information
thanks!
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
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.
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
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
@@AliBooneInvest You’re so awesome. Thanks for clearing that up. Have a wonderful weekend
you're very welcome, and you too!
Do you have you're rentals in an LLC?
Nope. Umbrella insurance for me.
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.
why do they keep dropping you? And why having to kick out the tenants?
@@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.
@@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.
oh! I follow now
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
Which insurance company do you have?
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.
Do I need umbrella insurance when renting to a close family member?
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.
What Insurance Company do you have?
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!