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Rental Property Insurance

Rental Property Insurance By Altima Auto
Insurance Agency.

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Rental Property Insurance provided by Altima Auto Insurance Agency.

What type of rental property do you own? You may manage a multi-unit apartment building, rent out a restored property in a historic neighborhood, or lease a single-family home you inherited. Whatever your real estate portfolio looks like, protecting your investment is an important part of being a landlord.

Rental properties can face risks involving property damage, tenant-related incidents, liability claims, and unexpected interruptions to rental income. Altima Auto Insurance Agency helps property owners explore rental property insurance options suited to their property type, occupancy, and coverage needs. The right policy can help protect your investment against eligible losses and provide greater financial confidence.

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Physical Structure
Liability coverage
A/C loss reimbursement
Equipment breakdown coverage
Fair rental value coverage
Ordinance of law coverage
Personal property coverage
Tenant move-back expense

Physical structure Coverage

Risk Factors

If a storm damages an apartment building’s roof, the owner can file a claim against his or her 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 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.

Air conditioning / heating loss reimbursement coverage

Risk Factors

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



Solution

In some locations, local laws require landlords to reduce a tenant’s rent if the building suffers a loss of basic services such as heating and air conditioning. This type of endorsement can reimburse the landlord for some of the lost rental income.

Equipment breakdown coverage

Risk Factors

Landlords can face big repair and replacement cost bills if a power surge damages a building electrical system resulting in damage of 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 Coverage

Risk Factors

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

Solution

This type of 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.

Ordinance of law coverage

Risk Factors

Oftentimes, older rental properties don’t meet current building codes.

Solution

If a property sustains a covered structural loss, ordinance of law coverage can help cover the additional cost of reconstructing the building to meet current codes.

Personal property coverage

Risk Factors

Standard rental property insurance doesn’t cover theft of or damage to items such as lawn equipment and office equipment used in the management of a rental property.

Solution

However, by adding a personal property endorsement, the landlord can protect all types of personal items. This type of endorsement can also cover appliances included in rental units.

Tenant move-back expense coverage

Risk Factors

Following a covered structural loss, tenants may need to temporarily relocate during reconstruction.

Solution

Tenant move-back expense coverage can help pay the cost of moving tenants back into a rental property after construction is complete.

Additional Living expenses Coverage

Risk Factors

When a washer hose bursts and floods your apartment, you must move out while your landlord makes repairs.

Solution

Additional living expenses coverage may help with the extra costs of housing and food if you’re forced to move out for temporary repairs to your residence.

What is Rental Property insurance?

Rental property insurance, also known as landlord insurance, is designed for property owners who rent out residential properties to tenants. Depending on the policy, coverage may help protect the rental dwelling, certain detached structures, eligible landlord-owned property, and the owner against covered liability claims. Some policies may also offer coverage for lost rental income when a covered event makes the property uninhabitable. Whether you rent out a single-family home, condominium, or multi-unit residential property, rental property insurance can help manage financial risks associated with being a landlord. Coverage, exclusions, and eligibility vary by insurer and policy.

Types of coverages under Rental Property Insurance?

Rental Property Protection

Property protection under a landlord insurance policy typically helps cover the rental dwelling and certain property associated with maintaining it against covered losses. Depending on the policy, this may include:

  • Dwelling
    Dwelling coverage may help pay to repair or rebuild your rental house, condominium, or apartment building if it is damaged by a covered event, such as fire, lightning, wind, or hail. Coverage depends on the policy terms, exclusions, and limits.
  • Other structures
    This coverage may help pay to repair detached structures on your rental property, such as a detached garage, storage shed, or fence, if damaged by a covered event.
  • Personal property used to service the rental
    If you keep landlord-owned equipment, such as a lawnmower or other maintenance tools, at your rental property, the policy may cover it against certain covered losses. Personal belongings that are not used to maintain or service the rental may not qualify for coverage under a landlord policy.

All these coverages are subject to the deductibles, exclusions, and limits stated in your specific rental property insurance policy. A deductible is the amount you generally pay toward a covered loss before the insurer pays the remaining eligible amount, up to the applicable policy limit.

Liability Protection

The liability portion of a rental property insurance policy may help cover eligible legal expenses, medical costs, or other covered amounts if someone is injured on your rental property and you are found legally responsible. The protection available depends on the policy's liability limits, exclusions, and terms.

Extra Rental Property coverages to consider

Depending on your property's location, construction, condition, and exposure to specific risks, you may want to consider additional coverage options. Availability varies by insurer and policy, but options to discuss may include:

  1. Vandalism coverage
  2. Burglary or theft coverage, where available
  3. Coverage for rental property under construction or renovation
  4. Building ordinance or law coverage to help address certain additional costs related to applicable building codes after a covered loss

Why is Rental Property Insurance important?

Standard homeowners insurance is generally designed for owner-occupied residences and may not provide the protection needed for a property used primarily as a rental. Renting out a home without appropriate coverage can leave property owners exposed to financial risks that may not be covered by a standard homeowners policy. Coverage for events such as floods or earthquakes may also require separate policies or endorsements.

If you are a landlord, rental property insurance can help protect your investment against covered property damage and certain liability claims. Depending on the policy, it may also help cover damage to the dwelling, eligible landlord-owned furnishings or equipment, and lost rental income following a covered event. However, tenant-caused damage, intentional acts, normal wear and tear, and other losses may be excluded or subject to specific conditions.

Choosing appropriate coverage depends on factors such as the property's structure, age, location, occupancy, rental use, and value. If you have questions about rental property insurance or want to compare available coverage options, contact Altima Auto Insurance Agency at 469-632-1780.

Already Have Rental Property Insurance? Switching is easy

It may be worth reviewing your current rental property insurance if your coverage no longer meets your needs, your property circumstances have changed, your service experience has been unsatisfactory, or your premium has increased. Comparing available policies can help you evaluate coverage limits, deductibles, exclusions, and costs before deciding whether to switch.

Avoid cancelling your existing policy until your replacement coverage has been approved and confirmed effective. A gap in coverage could leave your rental property exposed to unexpected financial losses.

Contact Altima Auto Insurance Agency at 469-632-1780 to discuss your rental property insurance needs and explore available options.
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Altima Auto Insurance Agency helps you choose from a variety of personal insurance and business insurance solutions.
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Arlington, TX 76013
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