If you own a rental or investment property, you should make sure that you carry adequate rental property insurance coverage. Accidents may occur and ultimately cause damage to your investment property. If you do not have the necessary insurance, you will be responsible for the full financial cost.
Owning an investment property brings with it a large degree of liability. In addition to the building itself, you may be responsible for injuries received by others while they are on your property. You could also be held responsible for damage to their belongings.
Types of Properties Include:
Vacant Property & Land
Because everyone’s needs are not the same, it is best to consult your agent to help assess your needs and find the insurance policy that is right for you.
Protect your building; Protect your investment
Whether you own one rental property or several, you’ve worked hard for that investment. Don’t be caught with a gap in coverage – typical homeowners policies don’t provide coverage for properties that are rented to others. Landlords must protect themselves against loss of income should the buildings become damaged and/or uninhabitable. This property insurance can also protect landlords if a tenant or guest is injured on the property.
Coverage that fits your needs – We can help
Buildings come in many shapes and sizes. Our insurance professionals will help you identify the right combination of coverage, value, and price for your rental property or properties. Landlord insurance policies cover property and liability coverage, in addition to special risks that landlords face, such as loss of rental revenue. Contact our insurance professionals today to get started customizing protection for your insurance needs.
What is Landlord insurance?
Property insurance for landlords provides financial protection against disasters. Rental properties may be owned by an individual, individual and their spouse, a living trust or an LLC. Single-family homes, condominiums, rental units, townhouses, rowhouses and apartments are eligible for coverage. The policy offers dwelling, business personal property and liability coverage to you, the owner.
Property insurance for landlords is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you cause to other people.
Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the property owners’ responsibility.
Why do you need insurance as a landlord?
It is really all about protecting yourself financially if something unexpected happens to your property or possessions. That’s important because chances are your rental property is likely one of your largest investments.
If the property was destroyed by fire or damaged by a natural disaster, you’d need money to repair or replace it.
If a guest or tenant at your property is injured, liability protection and medical coverage may help pay expenses.
If you are a victim of theft and vandalism, it can reimburse you for your loss or pay for repairs.
If you are still paying for your rental property, your lender will require insurance.
It is important to know that property insurance is meant to cover unexpected damage, not routine maintenance. Ask your agent to talk about what is covered and be sure to read your policy so you know exactly what’s included and what is not.
Things to consider and questions to ask your agent Here are few things to discuss with your agent that will influence your decisions.
How much will it cost to rebuild my rental property and replace my belongings if they are damaged or destroyed? (Ask your agent to talk you through your property’s features and the property you keep there so you can make an informed decision about coverage.)
Does the insurance company have a good reputation for customer service? Is it known for paying claims fairly and promptly?
What discounts are available? (Ask about multiple policy, security system and fire resistance discounts.)
What’s the process for filing and settling a claim? (Ask who to call and what happens after you file a claim.)
Deerfield Insurance Agency, Inc. offers free, comparative quotes on Rental Property Insurance from multiple insurance carriers so you can get the best possible rate.
Want to see how much we can save you? Just request a quote to find out.