New landlord curious about renters insurance??

If I just bought a house that is worth 80,000 what kind of insurance do I need or have to have to be legal?? Do I have to have liability or certain coverage? Thxxxxxxxxx

You should have property insurance to protect against fire, etc. Renters insurance is what your tenant should have to protect their personal belongings as your property insurance will not cover their stuff in the event of a fire, flood, etc. FWIW-You might want an additional umbrella policy to cover your liability.


When getting quotes for your property, make sure to tell the insurance agents it is a rental property. You want to make sure you’re getting quotes for a NOO property.
There are two basic types of insurance for this. You can either get replacement cost which is generally more expensive or you can get Actual Cash Value where you pay for an amount based on what the property is worth.
Some companies will charge you more when the property is vacant.
We use Guide One and Foremost. Guide One is really cheap compared to other companies I’ve found.
We also have a specific clause in our lease that states our insurance covers the building structure only and that the tenant needs to purchase renter’s insurance if they wish to insure their belongings.