Your rental property is a serious investment. You may be counting on it to help fund your retirement or your children's education, and it deserves the proper protection. So if you own up to 16 total rental units, a Safeco Landlord Protection insurance policy may be for you. We insure single family homes, condo units, duplexes, triplexes, and fourplexes. Our coverage includes protection from damage as well as from certain liabilities unique to landlords such as wrongful eviction and wrongful entry lawsuits. Our experts can build the best policy for you while offering plenty of flexibility and choice. As an added benefit, our landlord coverage also gives you access to the advanced tools of for fast and easy screening of prospective tenants. Talk with an to learn more.
In insurance language, peril is the word used to describe a cause of loss. For example, if your rental property burns down, the cause of loss (or peril) is fire. You may also have smoke damage from the fire as well as water damage from the effort to extinguish the fire, so the perils in this case would be both smoke and water.
Named peril coverage will provide coverage only if one of the named perils you are protected against is the direct cause of your loss. Common examples of named perils include fire, vandalism, smoke, and hail. Named peril coverage is less expensive but offers less protection than open perils.
Open perils coverage, on the other hand, protects against any cause of loss that isn't specifically excluded on your policy. You're also protected against all the named perils including theft of your personal property that may be at your rental property.
Your Safeco independent agent can help you select the right coverage for your situation.
At the time you purchase a landlord protection policy, we will establish the amount it would take to rebuild your rental property if it's damaged beyond repair. Reconstruction cost, which is different from market value, includes expenses like debris removal, fees and permits, contractor costs, architect's fees, and other necessary expenses. Since the cost of construction material fluctuates regularly, extended dwelling coverage also gives you up to 25% more protection than the limit stated in your policy. So in the event of a major or total loss to your rental property investment, extended dwelling coverage will help pay for repair or rebuilding costs that exceed the amount covered by your policy.
Premises liability coverage protects you and your spouse or domestic partner against bodily injury and property damage claims for which you are held legally liable. It also provides personal injury protection coverage (see details below) and pays medical costs including hospital bills and medical care expenses for guests if they are injured on your rental property.
Personal injury coverage protects you and your spouse or domestic partner from tenant claims of libel, slander, wrongful eviction, wrongful entry, and invasion of privacy. Such claims are not uncommon among landlords, so it's best to be prepared. For example, if you must evict one of your tenants for a reasonable cause, and they sue you for the eviction, you must respond to the lawsuit even if it's frivolous. This coverage option helps you defend yourself and your investment in case this happens to you.
Establishing an LLC for ownership of your rental properties creates a barrier of protection between your rentals and your personal assets. In most states, you can extend protection to your LLC as part of your Safeco landlord policy.
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My family owns a second home that we rent out. Is Safeco Landlord Protection Insurance right for me? Yes. Safeco Landlord Protection insurance is designed for landlords just like you.
I own a small building with four apartments and retail space on the ground floor. Is Safeco Landlord Protection Insurance right for me?
Safeco Landlord Protection insurance is intended for non-commercial residential properties. The retail space makes the building mixed-use, which is not a type of property Safeco Landlord Protection insurance covers.
We own a second home that we use as a rental. Is Safeco Landlord Protection insurance right for us? Absolutely! This coverage is specifically designed to protect landlords like you. Safeco is one of the top providers of landlord insurance in the U.S. and covers residential rentals up to four units. This includes single family homes, condo units, duplexes, triplexes, and fourplexes. This coverage protects you from damage to the dwelling and from certain types of liability unique to landlords such as wrongful eviction, wrongful entry, and invasion of privacy claims.
What's the maximum number of rentals I can own and still get Safeco insurance? In most states, Safeco will insure you if you own a maximum of 16 rental units. A duplex, for example, counts as two units. Safeco landlord coverage combines elements of commercial and personal insurance to give you the best possible protection.
I own a small apartment building with retail space on the ground floor. Can I get coverage with Safeco? No. Safeco Landlord Protection insurance applies to non-commercial residential properties only. We do not cover mixed-use buildings or those used for retail or other commercial businesses.
I’m currently between tenants. Will Safeco write my policy? To be eligible for a Safeco policy, all units should be occupied by a tenant. However, there are exceptions, so talk with your local independent agent about your options. For example, if you're doing a light renovation between tenants, like painting or re-carpeting, you may be eligible to insure your rental with Safeco.
I regularly buy and "flip" rental properties. Is Safeco right for me? Not at this time. Safeco's coverages are designed for landlords who plan to own the investment for a while, not for those investing in speculative properties.
I own a duplex in which I live in one unit and rent the other one. Is there a landlord policy for my situation? Safeco's landlord protection policy is for dwellings occupied only by tenants. If you're living at the residence, you would insure your home with a Safeco homeowners policy. Your local Safeco agent can advise you on additional coverages you should consider in this case including personal offense or landlord’s furnishings.
Are there any types of houses Safeco won’t insure with a landlord policy? Safeco is a great choice for rental properties made of standard, stick-built construction. We do not insure mobile or manufactured homes, homes listed in a historic registry, homes with open foundation construction, homes with farming exposures, or older homes with outdated electrical wiring. Contact your local independent agent to discuss the construction details of your rental property.
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