Show087: Understanding Landlord Insurance Policies

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Understanding Landlord Insurance Policies

It's show #6 of our week long podcast blitz bringing you some of the biggest questions, challenges and obstacles that are coming out of our awesome RentalRookie Community.

In this episode of the podcast, we were asked a number of questions regarding landlord insurance policies including:

1. What deductible do you normally go with to balance premium costs with coverage benefits

2. Replacement cost? Or something like 80% replacement cost to lower premium? Or just enough to cover mortgage?

3. What companies have you found good rates with on multifamily units?

4. Is there a certain percentage of rental income that you should aim for your insurance premium to be? Or just different on every property?

We know, insurance can be a tricky topic and one that we tend to maybe not master as much of the other info out there.  But insurance is critical to have on your properties because when you need it, it can save the day.  It just recently covered a $12,000+ water leak in one of our properties that would've killed our cash flow on that property for two years.

So lots of ideas you won't want to miss are in this one.

 

 In the show we discuss:

=>how having insurance just covered thousands of dollars of damage in one of our properties

=>companies to look to get insurance through

=>what type of replacement cost insurance you should get on a property

=> and more...

Links Mentioned in the Show

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