This guest post from Rich is part of a new feature here at Get Rich Slowly. Every Sunday will include a reader story (in the new “reader stories” category). Some will be general “how I did X” stories, and others will be examples of how a GRS reader achieved financial success. Today’s is a romantic story of saving money on insurance. (Okay, no romance. That’s just a joke.)
As a long-time reader of Get Rich Slowly, I have really appreciated the tips J.D., guest writers, and regular readers in comments have shared with me over the years. Now it’s my turn to pay it forward.
About a year ago, I was laid off in Minnesota, right before Christmas. Oh no! Fortunately I was able to find a new job quickly, but it was out in San Francisco. What to do with the home we owned in Minnesota? We decided to rent it out, and we were also very fortunate to find good tenants very quickly.
However, as a newbie landlord I was quite surprised to find that homeowners insurance on your primary residence is quite different than insurance on a home you rent out. We went from $1,500 a year insurance premium (while living in the home) to $3,100 annual premium. Not being a savvy landlord, I sucked it up and thought “Well, hey, at least I’m employed, and I got the house rented, so be grateful.” And I was.
This year, my insurance company informed …
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