Since I plan on getting another rental property this year, I figure I better start numbering the properties. This will be Rental #1. (Houses I will be rehabbing are numbered House #x.) I'll also start using labels for my posts for easier searching.
I called the insurance agent that the current owner uses for this property to get insurance for when I own it. The quote given me was a pleasant surprise: $388 per year. If I want to add water damage protection due to broken / frozen pipes, it's $419 a year (assuming the house qualifies). That price includes basic coverage for the cost of the house plus $100,000 in landlord liability coverage. The good news is when I ran the numbers for this property, I used the insurance cost the seller is paying, which was $464. Don't know why my costs are cheaper. Maybe I have a better credit score?