I just acquired a rental home, what is the best/ most affordable , way to insure it? I have no clue about this , it is my first purchase like this

I’d suggest you call your agent and ask them to advise you. I have a policy that is specifically for a rental house.

Ask your regular insurance folks to quote for a "rental dwelling policy" rather than homeowner's insurance. The costs are pretty close.

I use American Modern, have not had any claims to rate them by, but the rates are good.

As the others said, contact whoever you get your insurance through and let them know what you're looking to do. Policies for rental homes are usually just a lightly stripped down version of a homeowner's policy. Usually just with less personal property coverage for the contents.

thank you fellas !

And make sure your tenant knows your insurance doesn’t cover his contents. If the place burns down he’s SOL unless he obtains his own tenants insurance. Most standard residential leases will have this. Confirm with your leasing agent/property manager

A rental dwelling policy will include coverage for loss of rent; not if there’s a gap between renters, but if repairs need to be made that force the renter to move out, they will not pay rent during that time.
Interestingly, my rental dwelling policy would have paid for a hotel for the tenant, but his renter’s insurance did.
We had an in-the-wall plumbing break; insurance didn’t pay for the repair, but did pay about $15,000 for asbestos mitigation as (CA law) tests showed there was asbestos in the drywall. Before 1976 it was in the “mud” used to patch drywall.
Funny because as a kid I breathed that stuff in in a big cloud as I mixed the bucket of mud from the powder in the bag. I’m still here.

quote:

Originally posted by ElToro:
And make sure your tenant knows your insurance doesn’t cover his contents. If the place burns down he’s SOL unless he obtains his own tenants insurance. Most standard residential leases will have this. Confirm with your leasing agent/property manager

And make sure that their renter's policy covers adequate limits of liability coverage as well.

Also I would suggest if this is your first foray into renting that you also have an umbrella policy to help protect you and your assets. They usually start at one million and go up from there. I have one for 5 mil.

Smlsig’s recommendation is right on.
Someone suggested I set up an LLC, but my CPA said if I have enough liability insurance I should be fine.