Rental Property Insurance

Rental Property Insurance Information

What is rental property insurance?

Renting out property can be a lucrative business, especially if you own several properties. While residents have certain responsibilities, it is the landlord’s job to protect the property. Rental property insurance covers buildings, fences, sheds and liability risks. Think of this coverage as a blanket that falls over the residents’ renters insurance. With both policies in force, you and your tenants are protected from various financial risks.

What can rental property insurance do for you?

Even though you may not live in your rental properties, you still need to provide a safe environment for your tenants. While rental fees cover regular maintenance, you may face larger restoration costs after a fire or severe storm. Rental property insurance can help pay for those repair bills.

Purchasing rental properties is a big investment. Like any business it is important to protect that investment from unforeseen events.

Insuring your rental property for the correct exposure is very important.  Not all policies are the same.  For example some companies will only cover the property if the home is rented on an annual basis.  If the home is rented on a seasonal basis and used as a vacation rental, it is VERY IMPORTANT to disclose this information to your agent to make sure you are placed with the correct company.  Certain carriers will not insure a property if it is advertised as a short-term rental property on sites like VRBO, Home Away or AirBnB.  The good news is that there are carriers that are willing to cover these properties, but you have to tell us the occupancy.  If the home is covered as an annual rental and a loss occurs while it is being occupied as a short term rental, a claim could be denied.

**Important Note when looking for a policy to cover your rental exposure - Most companies do not include animal liability and a buyback is not usually available.  It is important to discuss this with your agent to determine if a separate policy should be purchased.  This is important, because even if a tenant brings a dog on your premises without your knowledge, you could be help responsible for an animal related incident claim. 

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Our agents are ready to assist you. We search our network of insurance providers on your behalf to find the best combination of policy, price and correct exposure. Contact us for more information.