quote:
but I've been advised to look at "Landlord" insurance, which from what I've read doesn't look like it lapses when you don't have a tenant but I'm not sure.
The Landlord policy will still have a vacancy clause, some as short as 30 days. This means that the policy coverages will be significantly reduced if the home has been vacant longer than the clause listed in your policy.
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You guys are brave. I have a personal $3MM umbrella and a $3mm umbrella over my rental holding entity.
For others that do not know, an umbrella will do nothing for your property coverage, it strictly covers liability only. You will also need to be sure that the rental properties are scheduled on the umbrella policy or else you may not have any coverage. Remember, and umbrella is designed to be an extension of the liability you already have, not to serve as a "catch all" policy.
quote:
I understand there's usually a blanket coverage paid through association fees, but is there something else an owner might take out on a rental for liability, etc.?
The master policy for a condo simply covers the outside/exterior. If you own the condo and are either living there or renting it to others, you will still need a separate policy to cover what you own (studs in.)
quote:
insure it as a vacant house which is a 3 month policy for $600 total
You are probably up against a minimum premium with most of the premium being policy/carrier fees. If you only need it for 3 months, this may be about as low as you will find. If you need longer, you may be able to find a better "annualized" premium.
Let me know if you have any questions.
akoch@kochig.com[This message has been edited by Reloadags1998 (edited 9/27/2013 5:11p).]
