Rental Property Insurance

10 questions to ask your insurance agent
prior to your rental policy renewal

The following questions were offered by G&N Insurance.

1. Can you tell me the difference in coverage and premium for the
upcoming renewal vs last year? What were the reasons for any
changes?

2. Can you please complete a replacement cost estimator to ensure that I
have the proper dwelling coverage?

3. Can you review my current endorsements to ensure that I have
protection for any and all perils? If I’m missing something that is
available, can you explain to me what it is and how much it would cost?

4. How do I know if I have the right amount of rent loss coverage? Can
you review with me?

5. How do I know if I have the right amount of Ordinance or Law
coverage? Can you review with me?

6. What would the price of the renewal be with the following deductible
options: $1,000 $2,500 $5,000?

7. Do we have the maximum liability protection available? If not, what is
it and how much more would it cost to increase to that level?

8. What would the cost be to add a $1 MM, $2MM, $3MM umbrella?

9. Would there be an advantage to insure the property on a commercial
form vs a personal form? (or vice versus) What sort of pricing
difference is there?

10. How many insurance companies do you have access to? (If they say
anything less than 5 or 6, it’s in your best interest to have all your
insurance policies reviewed by an agent who has access to 10+. This
should yield the best rates for you and your family)

Whether you’re our client or not, we’re here to answer
your questions and share our recommendations.