Ending home insurance policy

by Guest » Mon Sep 02, 2013 07:19 am
Guest

Anyone here without a mortgage and has decided to drop the home insurance?

I will have (after foreclosure ends this month) a rental property worth about $30k (no mortgage, in a separate LLC) and the home insurance quotes I have seen are near $1k/year.

For me 3% annually is too much to spend on insurance, so I am thinking of discarding it.

Total Comments: 2

Posted: Mon Sep 02, 2013 03:12 pm Post Subject:

Do you have a liability policy elsewhere to address liability on that property? What will happen if you rent that property out and someone is injured at it and claims you are liable?

If this is a "rental property" why would you have home owners on it? You'd want a Dwelling/Fire policy which would cost far less.

If you rent it out then you build the cost of the insurance info the rental fee.

Posted: Tue Sep 03, 2013 02:32 pm Post Subject:

Another example of an insurance D-I-Y "expert" who would benefit greatly from working with a local independent agent or broker to meet their insurance needs.

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