What kind of insurance & how much should a Landlord get coverage for any accidents occur on their property?
I will be renting out one of my properties and although I have full Home Owners insurance for myself, a family of 4 in North Central Ocala will be renting it for 6 months. I want to have adequate coverage for possible accidents that might occur on my property.
Tags: accidents, Coverage, Insurance, Kind, Landlord, Much, occur, Property, Should, Their
Min $300,000 liability but $1,000,00 is preferred.
Make sure that your policy will cover rentals. If it is an owner occupied policy, you may not be covered with tenants.
Talk to you insurance guy. You can get a 1 million or 3 million dollar umbrella policy that covers everything in your life. The cost is not much either- 200-600/month.
Full homeowners insurance always includes liability. Just call your agent to make sure it applies to others who are renting from you. This could be considered a business transaction, so different rules might apply.