Get enough to cover the structure, 1 year appreciation factored in. In Georgia it costs 200 per year for 80k SFH (1000 deduct.), and 1100 per yr for 150k 4-plex (also 1000 deduct.) Multi-units are generally more depending on number of floors. High deductables (my uneducated opinion) are probably the way to go, since you’ll only pay it if entire structure is destroyed. Any other opinions here are welcome…
I would assume that those of you who have rental properties carry some kind of general liability policy. Is that true? If so, what amount do you usually carry?
State Farm in Texas has changed to 1% deductable and 300K liability for RDP’s. In addition I carry a million dollar liability each personally, corporate and IRA.
You can get $500 deductible insurance that doesn’t protect personal items of tenants…general fire liability etc, fairly cheap. Chicago area for typical bdrm home will run about $230 per year.