Fast Pace asked:
I rented a house and the mortgage company says I need to have rental insurance. I do not want to cover my tenants stuff, just the house in Nevada. Thanks
I own the house
I rented a house and the mortgage company says I need to have rental insurance. I do not want to cover my tenants stuff, just the house in Nevada. Thanks
I own the house
{ 6 comments… read them below or add one }
It varies from place to place and from property to property. You can call 2 -3 insurers for quotes.
It shouldn’t be expensive. I have Dwelling Fire insurance on 2 of my houses in California, and they are about $500-$600 a year. It covers the house in case of a loss, any liability arising from accidents, etc. The rates in Nevada are different, but I don’t think they are considerable different. You should shop for different prices. Find out the square footage of your house, the year it was built, kind of roof, when you last painted the house, etc.
if you call your car insurance company you can actually get a discount cuz it will be a additional service you have through them. with that being said it shouldnt be more than $30 a month. if this house is being rented by somebody else then there is a rental policy that is cheaper. the insurance for your primary residence tends to be cheaper cuz you have more stuff you want to be covered. if you let your insurance company know that you just want something to cover basic stuff they can help for sure,, for cheap! let me know if you need additional help
You can approach this one of two ways.
1 – Get a rider on your current homeowners policy (the one on your house) to cover the rental property you have. Not all insurance carrier provide this but some allow you to have up to 2 rental properties added on to your regular home policy. This rider will cover the structure and public areas in case someone slips and falls outside, etc.
2 – call around for a landlord policy (not renters policy). This is a separate policy that will cover the same things as the policy rider above.
Good Luck!
if you own your primary home, call the company you have that insured with. they can do a cost replacement estimator to see how much you need to insure your rental unit for. they will also be able to extend the liability from your primary home to the rental unit and its pretty cheap to do so. If you do not own a primary home, try a company that will write it on a commercial package for you. this affords you dwelling coverage, liability, and loss of rent coverage in case you have a loss that makes it unlivable for a time, so you do not lose your income from the home.
Claudia:
Since most insurance quotes will vary from geographic location and from company to company, your best bet is to call at least 3 -5 insurances companies in your area to get a competitive quote.
Farmers and Geico both have pretty good coverage at an affordable prices.
Good luck