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Rental Insurance

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Rental Insurance Provided By Our Agency

Being a landlord entails significant financial risk. Since homeowners insurance only covers owner-occupied units, there's a considerable gap in the landlord's financial safety net. 

Rental insurance policies help fill this gap and protect landlords from many of the same risks as homeowners insurance - including coverage for damaged or stolen property, loss due to fire, theft, and liability claims from tenants.

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Lost Passport
Fire Coverage
Medical Payments
Theft
Personal Possessions

Lost Passport Coverage

Risk Factors

While on vacation in Europe, you lose the tote bag that has everyone’s passports.

Solution

Your homeowners policy can help with the cost of replacing passports and other valuable papers.

Fire Coverage

Risk Factors

You act quickly and prevent a grease fire from getting out of control, but smoke damages the counters and cabinets in your kitchen.

Solution

Property coverage in your policy can help if your house is damaged by fire and/or smoke.

Medical Payments Coverage

Risk Factors

A guest at your annual Fourth of July barbecue trips on the steps between your deck and the lawn fracturing his wrist when he falls against a stone retaining wall.

Solution

Medical payments coverage can cover the medical costs if a visitor is hurt on your property, regardless of liability.

Theft Coverage

Risk Factors

You return from a family vacation to discover thieves have stolen electronic equipment from your media room.

Solution

If your possessions are stolen, damaged or destroyed in an insured loss, your coverage can help replace them, up to the policy’s stated limits.

Personal Possessions Coverage

Risk Factors

You mastered the basics of surfing during lessons in Hawaii but your wedding ring is stolen.

Solution

With personal possessions coverage, lost jewelry is covered up to your policy limits.

What is Rental Insurance?

Rental insurance is an insurance policy that covers a property owner from financial losses connected with rental properties. The policy covers the building, with the option of covering any contents belonging to the landlord inside. Rental insurance is also known as buy-to-let insurance and is separate from landlords' emergency cover.

How much does Rental Insurance cost?

Rental insurance costs vary regionally. Why? The cost of materials and labor to perform repairs varies based on where you live. Additionally, different regions face specific challenges that might result in claims: People living in places where large-scale storm damage is likely to file more claims all at once, bumping up their premium rates. After regional differences, though, landlord insurance premiums are based on the size and age of the covered buildings, the risks based on the amenities and environment in the buildings, and the choices you make about coverage.

  • Square footage of the home: Larger properties have more volume to repair or rebuild, so the base portion of a landlord policy will be determined by the size of the property and any additional structures.
  • Value of the property: More expensive properties cost more to insure because they cost more to repair or replace.
  • Age and home construction materials: Older properties are more complex to repair, mainly because parts may be hard to come by and repairs may require the homes to be brought up to the current code, which adds to the expenses. 
  • Tenancy: Long-term tenants on year-long leases suggest stability and a clientele likely to continue paying rent and care for the property as if it were their own.
  • Crime risk: The crime rate in the area around the building can affect the cost of landlord insurance. If crime is low, home values are steady, and the school districts and neighborhoods are well regarded, the rate will be lower. 
  • Environmental risk: Insurers don't like losing money, and areas that are likely to be hit by tornadoes or hurricanes are a massive threat to the profit margin. 
  • Coverage maximums: Your agent will help you settle on the maximum coverage you need for each event or annually. Increasing the maximums may protect you more effectively but will drive your rate.
  • Add-on coverage: Coverage you choose to add, such as guaranteed income, flood, and emergency coverage, will drive up your overall cost.

Why do you need Rental Insurance?

Rental properties are a significant investment; you never know when something might go wrong. That's why it is crucial to have rental insurance in place.

Rental insurance protects your property and its contents from damage, theft, or loss while you're not residing in the property. It can also cover anything from accidental breakages to catastrophic events like fires. Plus, if something does happen and your policy covers those damages, you will be compensated fairly by the insurer.

Already have Rental Insurance? Switching is easy

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

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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