Your rental property is a serious investment. You may be counting on it to help fund your retirement or your children’s education. It deserves the proper protection.
If you own up to 16 total rental units, a rental property insurance policy (also called a dwelling fire policy) may be for you.
Our carrier partners insure single family homes and condos, all the way up to fourplexes. The coverage includes protection from damage to the dwelling as well as from certain liabilities unique to landlords such as wrongful eviction and wrongful entry lawsuits.
Dwelling coverage pays for damage to your house and anything permanently attached to it, including your garage, roof, chimneys, attached deck, countertops, cabinets, flooring, vanities, etc. This coverage is not normally provdied for condos rented to others, and is replaced with Interior Coverage.
Example: A pipe in your kitchen bursts and water damages your walls, cabinets, countertops, appliances, and hardwood floors. This then pays to repair or replace what’s damaged and water removal.
Covered items on your renters policy include furniture, clothes, electronics and more. Plus, your possessions are covered even if they’re in your car, storage unit, or anywhere else away from home (like on vacation). You’re protected against fires, weather and water damage, theft/vandalism, and other incidents listed on your policy.
Keep in mind, there may be limitations for certain expensive items like jewelry, art, and memorabilia. If necessary, you can easily purchase extra coverage for those valuables, by “scheduling” an item (also known as adding a “rider” to your policy). Get a renters insurance quote and we’ll guide you through your coverage options.
Example: Someone breaks into your apartment and steals your television. Renters insurance pays to replace the TV.
If your place is damaged due to a covered loss on your policy and you can’t stay there, loss of use coverage pays for hotel/rent and food expenses above what you’d usually pay.
Example: There’s a fire at your apartment complex, and you’re forced to live elsewhere for two weeks while the landlord makes repairs. Renters insurance will cover your hotel bill as well as restaurant/food costs over and above what you usually spend on groceries. Keep your receipts so your expenses can be documented.
If you’re liable for someone else’s injuries or property damage, personal liability can cover you up to the limits of your policy.
Example: You neighbor is badly injured after slipping on your kitchen floor. Personal liability coverage would kick in and pay for your lawyer, court fees, and injuries you’re liable for, up to your policy’s limits.
Medical payments coverage pays for medical bills if someone else is hurt at your residence.
Example: One of your child’s friends breaks her arm at your place, and her parents ask you to pay the medical bill. Medical payments will cover the bill, up to your policy’s limits.
Personal injury coverage protects you 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.
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.
Some homes or condos have sump pumps in their basements or crawl spaces. These are designed to pump water out from underneath and around the foundation. If sump pumps or plumbing/sewer systems get backed up, water can seep into your place and cause an expensive mess. Water back-up coverage can pay for damage to your belongings and water removal.
Example: The sump pump in your basement breaks down, and water floods the home you’re renting, damaging your carpet, furniture, and more. Your water back-up coverage will pay for the sewage removal and damage to your property.
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Yes. A Landlord Protection insurance is designed for landlords just like you. In fact, it more appropriate than your basic home insurance as it has specific coverage for lost rents, and protections specific to the landlord exposure.
Landlord Protection insurance is intended for non-commercial residential properties. The retail space makes the building mixed-use, which is not typically a personal insurance risk. You may need a commercial property (or lessors risk) policy.
In most states, our carriers will insure you if you own a maximum of 16 rental units. A duplex, for example, counts as two units. Rental property insurance coverage combines elements found in a commercial policy, but made available as personal insurance to give you the best possible protection.
To be eligible for a landlord protection policy, all units should be occupied by a tenant. However, there are exceptions. You speak with an insurance agent about your options.
For example: If you’re doing a light renovation between tenants, like painting or re-carpeting, you may still be eligible to insure your property.
A typical rental property insurance policy is for dwellings occupied exclusively by tenants. If you’re living at the residence, you likely need to purchase a home insurance policy and endorse additional coverage additional coverage including personal offense or landlord’s furnishings.
This is not what landlord protection is designed to protect, it’s really for landlords who plan to own the investment for a while, not for those investing in speculative properties.
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