Insurance for Rental Property
There are 2 completely different sides to Insurance for Rental Property – the first is from the property owners perspective who needs Insurance for Rental Property to insure the property and from the renters perspective who also needs Insurance for Rental Property to cover the contents.
Property Owners Insurance for Rental Property
Each tenant poses its’ unique risks and brings both positives and negatives to the table. One of the primary risks is a total loss of the property from either fire or water. Your tenants simply won’t care about the property as much as you and can unintentionally cause damage to your property that you cannot recover from without proper Insurance for Rental Property. You need to make sure that it is not just a standard homeowners policy, but rather a specific Insurance for Rental Property policy. By providing your agent with a copy of the lease agreement and the dates of occupancy, it will allow them to make the needed adjustments to the coverage and make sure you are covered. Check about the deductible, as this will have a significant impact on your rates.
Renters Insurance for Rental Property
If something bad happens to the building that you are renting, you may expect to get a check from the insurance company, but don’t get surprised later when reality sets in that all of your things may not be covered at all.
Contents are covered with your Insurance for Rental Property policy, but will not be covered by the owners building insurance policy. Even if you ask the landlord if he is insured, (and he likely is) that does not cover your personal property and he may not even know what is covered. Don’t leave it to chance of his opinion of what might be covered. Take the initiative and call your insurance agent. You need to get specific Insurance for Rental Property, which is also commonly called a renters policy.
Combined Insurance for Rental Property with auto insurance will give you a significant discount
Anytime you have multiple types of insurance you will likely get a discount from your insurance company. Typically people have auto insurance first and then add on Insurance for Rental Property and your insurance company will welcome your inquiry.