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Rental Property Insurance

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Rental Property Insurance Provided By Our Agency

What kind of rental property do you own? You might have several multi-unit complexes. Maybe you restored a vintage fourplex in a historic district — or rented out a single-family house you inherited.

Whatever your portfolio looks like, we understand that residential real estate investments can come with unique challenges — to your properties and financial stability. Connect with us to select personalized coverage and get the insurance you should have for your property.

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Physical Structure
Liability coverage
A/C loss reimbursement
Equipment 
breakdown coverage
Fair rental value coverage

Physical structure coverage

Risk Factors

If a storm damages an apartment building's roof, the owner can file a claim against their physical structure coverage.

Solution

This type of coverage protects the building's structure, like its foundation, roof, and walls. It also covers detached structures on the property, like garages and maintenance buildings.

Liability coverage

Risk Factors

You may need to pay medical expenses and legal costs when a tenant, customer of a tenant, or guest at a residential property sustains an injury.

Solution

Typically, this type of coverage doesn't cover the everyday misfortunes of tenants, such as a tenant slipping and falling in his kitchen. But if a leaky roof causes a guest to slip and fall in a common area such as a lobby, liability coverage can pay medical costs and legal bills.

A/C loss reimbursement coverage

Risk Factors

The loss of essential services may cause the landlord to cut down the rental income from his tenant and suffer a loss.

Solution

Local laws require landlords to reduce tenants' rent in some locations if the building loses essential services such as heating and air conditioning. This endorsement can reimburse the landlord for some of the lost rental income.

Equipment breakdown coverage

Risk Factors

Landlords can face extensive repair and replacement costs if a power surge damages a building's electrical system, resulting in damage to a grass-cutting machine or a heating boiler exploding.

Solution

Equipment breakdown coverage can help a landlord repair or replace damaged equipment.

Fair rental value coverage

Risk Factors

While tenants move out of the office building due to the tornado damage, the landlord must pay for its repairs.

Solution

This coverage can help pay for lost rental income if a building becomes uninhabitable due to a covered loss. For instance, if tenants must move out of an office building to repair tornado damage, fair rental value coverage can reimburse the landlord for a portion of the lost rental income.

What is Rental Property Insurance?

Rental property insurance, commonly known as landlord insurance, protects you against the dangers of renting out your home or condo for extended periods. It covers property damage, liability fees, and lost rental income for landlords who rent out their property. Rental property insurance is an important defense against the financial risk involved with tenants living on your property, whether you are renting your home, a holiday home, or an investment property.

Types of coverages under Rental Property Insurance?

Rental Property Protection

Property protection in a landlord insurance policy typically helps cover physical property related to your rented home. This may include the dwelling and the equipment you keep on-site to help maintain it. Coverage generally includes:

  • Dwelling

This coverage contributes to the cost of repairing your rental home, condo, or apartment if it is damaged by fire, lightning, wind, hail, or other covered losses.

  • Other constructions

This section of your policy pays to repair detached structures on your rental property, such as a detached garage or fence if a covered loss damages them.

  • Personal belongings used to support the renting If you leave a lawnmower or snow blower on-site to maintain your rental property, landlord insurance may assist in covering damage to this equipment. 

All the foregoing coverage categories are subject to the deductibles and limits specified in your rental property policy. You must pay your deductible before your landlord insurance kicks in for a covered loss.

Liability Insurance

Suppose someone is hurt on your rental property, and you are found to be responsible. In that case, the liability section of your Rental Property insurance policy may help you pay for another person's medical bills or legal fees.

Additional Rental Property Insurance to Consider

You may consider adding optional coverages to your landlord policy depending on your rental's neighborhood, geographic area, or condition. These protections may include the following:

    1. Vandalism
    2. Burglary
    3. Rental property under construction
    4. Building codes

Why is Rental Property Insurance important?

The primary type of insurance is the one taken by homeowners that are taken for private residences and ensured to back them up against a specific set of damages like fire, floods, earthquakes, theft, etc.

If you are a landlord, rental property insurance is what you'd opt for. It ensures coverage for damages or losses that may arise due to negligence by the tenants. In addition, it helps pay for repairing damaged items like furniture, carpets, and other parts or items in a home that the tenant may damage. The terms of the policy may vary depending on the type of structure and the policyholder's needs.

If you have any questions on rental property insurance or want to compare the best policies, contact us today!

Already have Rental Property Insurance? Switching is easy

It might be time to switch insurers whenever your existing insurer's service doesn't meet your needs. For example, it might be time to consider other options if you have poor claims experience or an unexplained rate increase.

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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