How Much Landlord Insurance Do I Need?

My new coaching & learning community, Rental Property Mastery is now LIVE.

Landlord insurance covers you if your rental property experiences a major financial loss, like from a fire or major, a major water leak, or a lawsuit. But how much coverage do you actually need? And what does a landlord policy actually cover (and what does it NOT cover)? And how do you get past the emotional fear-based sales pitches to the essence of what you actually need as a real estate investor?

To answer those questions and more, Chad (aka Coach) shares his experience and best ideas from 17+ years as a landlord who has bought insurance.

Timestamps:

0:00 - Coach Carson's intro
0:34 - Why do we need insurance?
2:25 - Components that make up your landlord policy
3:25 - Property damage
4:49 - Liability
6:58 - Replacement of rental income
9:15 - How to save money on insurance
11:22 - Increase your deductible

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► Music Credit:
Creative Commons — Attribution-ShareAlike 3.0 Unported— CC BY-SA 3.0

[seanmckay]

Great choice for a topic. There isn't much content out there on this. Very thorough, thanks Coach!

[jacquelinesmith]

So helpful! Short and to the point. Thank you!

[CafeLu]

Even though the video is years old - it was just the information I needed right now! Thanks!

[TGriffiths]

Thanks Coach, We are under contract on our first SFH rental, and got 2 VERY different quotes from 2 different companies. I knew you would have the guidance I needed

[einternational]

Great analogy. I have the exact mic in your video. Makes a huge difference. Thank you for this excellent video.

[aaronmacken]

Great stuff, covered everything I needed to know! Thanks so much.

[laurasamaniego]

Great content and very well explained. You are the only one who had taking the time in sharing your knowledge and educated us on how important is to have the right insurance to protect our assets. I listened to an insurance agent that didn't provided a quarter of the information you provided. So much appreciated.

[ladyg]

Thanks so much for the info. This is just what I was looking for.

[MaiTran-nyly]

just what i needed as first time LL! Gave me awesome basic tips for my insurance search.

[edithwaithira]

This is awesome information. I am at the beginning stages so this was very helpful!

[Neosoccerblue]

Thank you for sharing these gems of knowledge :)

[Martindaskomedia]

I needed this. I was surprised when I first purchased insurance for my first rental Property

[practice_percussion]

Thank you so much for the info. Are there cases in which it may not be worth it to get landlord insurance? For example if the cost of bringing the structure up to code is prohibitive or if the property was acquired for a very low price.

Or does the question of whether or not to get the insurance just a matter of "am I comfortable with potentially losing this asset?"

[lvteachme]

Informative video lesson...as always. Thank you, Coach!

[ericm]

Thanks, have recommended tools for shopping insurance?

[hungrybeing]

Insurance is the next thing I start looking into once I get under contract on a property. Always shop around for local providers to save money on insurance

[AMeierhoefer]

Thanks, Coach, good content. Is there a place to have the policy I have reviewed? I am reaching 6 properties this week ad probably 9 by end of January when my 1031 completes. I think your views on getting appropriate risk spread would apply

[CARLOSGONZALEZ-kqod]

I was surprise my agent from a long time did not want insure my rental home I bought. this makes sense to much of a risk older house, electrical, plumbing

[karandeepsingh]

Great info Coach.
Also does the insurance company inspect the property before the monthly amount is decided?

[danbutler]

The DEQ is one of the most expensive losses you can have in quite often insurance companies do not cover DEQ losses