How Much Landlord Insurance Do I Need?

Insurance for your rental properties covers you for bad things that happen. But you obviously don't want to pay for too much or be caught in a claim with too little. So how much coverage do you actually need and what does that actually cover? In this video, Jeremy explains.

Timestamps:

Coverage for the Building - 1:16
Coverage for your stuff - 3:15
Coverage for bad things that happen to other people - 4:40
Coverage for lost income - 6:40
Rookie Mistake: 8:10

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INSURANCE FOR YOUR REI PORTFOLIO

[billytheweasel]

Great vid, thanks! Liability is #1 for me.

[SpeakSpanishYa]

I have a question. My neighbor had a water leak that damaged my condominium. I had a tenant that had to move out due to severe damage to the property. She got her deposits, partial credit and prepaid rent back. The lease agreement ended on July 11, claim was submitted on May 16. Repairs (estimate) was approved on July 15 and it will take a month to do the rebuilds. My insurance company pay me loss of income until the expiration date on the lease agreement July 11, but cannot rent out the place because the repairs are not finished and will take at least a month. Should my insurance company pay until the date that the place is ready?

[Aznpunk]

If I don't have an LLC and decide to have the rental property (duplex) in my personal name along with my wife, would it be ok to have the landlord (umbrella) insurance on it instead of having an LLC?

[rlsiler]

If I'm having my relatives in my house that I don't live in and they're just covering cost is it still tenants insurance?