When it comes to insuring your property, there is a difference between a private home and a rental property. A typical homeowner’s insurance policy covers you and your family for your own principal residence, which you live in. Whether you rent out your home or rent out an entirely separate property you own, you need a different type of insurance policy. You need what’s referred to in the industry as Rented Dwelling Insurance in order to be properly insured.
Owning a rental property is a great investment. However, it comes with risks and responsibilities. The experts at Blair Insurance can clarify what you need, putting your protection as their priority. After assessing your rental’s exposures, a cost-effective solution will be presented to you.
At a bare minimum, you should protect yourself and your asset with an insurance policy that covers:
- Liability coverage
- Building coverage
- Property coverage (for Contents you own)
- Rental Income coverage
- Water Damage coverage
The Right Coverage for Your Property
When it comes to Rented Dwelling insurance coverage, your needs may be unique depending on the features of your property. Beware, as not all policies are alike. You can get a basic Named Perils insurance policy, which covers fire, smoke, lightning, windstorm, hail, explosion, and a selection of other named disasters. Most property owners consider a broader coverage, which is called Broad or Comprehensive coverage. Our advisors will explain the differences between policies and source out the insurer that will offer you the broadest protection available for you.
To further mitigate against your risks, we recommend that you have your tenants sign a lease agreement, stipulating their responsibility to carry their own insurance policy for their own personal contents and liability. Be sure to obtain an updated copy annually. In fact, some insurance companies will not offer you a policy without this assurance.
Features That May Reduce Your Rates
Different insurance companies may offer preferred rates for the following:
- Local landlords
- Regular inspections are performed
- Tenants carry their own insurance
- Single-family use
- Monitored Alarm(s) installed on the property
- Claims-Free history
- A water damage prevention system installed
- Have multiple properties &/or policies
Trust Your Property Investments with Blair Insurance
You need insurance for your rental property to protect your investment. Let us find you the best protection for your insurance dollar. Contact the insurance specialists at Blair Insurance to see about your coverage options. Our experts can help you find the ideal coverage for your short-term rentals, student rentals, or home shares. We can provide the answers you need to simplify the risk exposures as a Landlord and protect your property.