Altima Insurance Agency helps you choose from a variety of personal insurance and business insurance solutions.
Rental Property Insurance provided by Altima Insurance 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 rent 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 both your properties and your financial stability. Connect with us to select personalized coverage and get the insurance you should have for your property.
What is Rental Property Insurance?
Rental property insurance, also called landlord insurance, covers the unique risks taken in renting out your home or condo for long periods of time. Its coverage includes property damage, liability costs and loss of rental income for landlords renting their property. Whether you are renting your house, a vacation home or an investment property, rental property insurance is an important safeguard against the financial risk associated with tenants living on your property.
Types of Coverages under Rental Property Insurance
Rental Property Protection
The property protection in a landlord insurance policy typically helps cover physical property related to the home you’re renting out. This may include the dwelling itself and equipment you keep on-site to help maintain it. Coverage generally includes:
This coverage helps pay to repair your rented home, condo or apartment if it’s damaged by fire, lightning, wind, hail or other covered losses.
- Other structures
This part of your policy helps pay to repair detached structures on your rental property, such as a detached garage or fence if they’re damaged by a covered loss.
- Personal property used to service the rental
If you leave a lawnmower or snow blower onsite to maintain your rental property, landlord insurance may help cover this equipment if it’s damaged. However, if you leave your personal bike or DVD player at the home you rent out, it likely won’t be covered under your landlord policy.
All of the above types of coverage are subject to the deductibles and limits stated in your specific Rental Property policy. Your deductible is the amount you’ll pay for a covered loss before your landlord insurance kicks in.
The liability portion of a Rental Property insurance policy may help you pay for another person’s medical bills or your legal expenses if someone else is injured on your rental property and you’re found responsible.
Extra Rental Property coverages to consider
Depending on the neighborhood, geographic area or condition of your rental, you may want to consider adding on some optional coverages to your landlord policy. These coverages may include:
- Rental property under construction
- Building codes
Why is Rental Property Insurance Important?
The basic type of insurance is the one taken by home owners that is taken for private residences and which ensures 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 to cover damages or losses that may arise due to negligence by the tenants. It helps in paying for the repair of damaged items like furniture, carpets and other parts or items in a home that may be damaged by the tenant. The terms of the policy may vary depending on the type of structure and the needs of the policy holder.
If you’ve got any questions on rental property insurance or want to compare the best policies, contact us today !