Rental Property Insurance

Most homeowners insurance companies offer more than one policy. Depending on the type of house, the type of roof, your credit score, the age of the house and many other things, the price of the policy and the coverages provided can greatly vary. Being a landlord is Challenging enough and you’ll want to be properly insured against such catastrophes.To insure your rental property, you first should check to see if your existing homeowners policy covers rental units. Surprisingly enough, your existing policy may cover your rental properties to some extent. Some companies offer insurance included in your home owners insurance plan that extends coverage to up to two rentals. Check with your real estate agent to see if the policy does cover rental units and what sized properties. If your policy does not adequately cover your rental property find a qualified commercial insurance broker and ask how to get rental property insurance.

Add special coverage for the appliances in the home. Landlords that have units whith appliances and/or furnishings will want to make sure they let their insurance agent know. These items aren’t always covered under a standard plan. You will want to be sure you’ll be reimbursed for any damages that may occur. This is why it is a good idea to make sure that your home owners insurance policy covers all the contents of the home especially if your home is furnished. In addition to covering the house, homeowners insurance protects furnishings and other personal items, as well as any other structures on the property, such as a pool or separate garage.

Most homeowners insurance policies do not cover business equipment, damage caused by natural disasters, or loss of art or jewelry over a certain amount. You will want to purchase additional rental property insurance if your house is in a high-risk area for fire, floods, earthquakes, or other natural disasters or if you have expensive art, jewelry, or business equipment at home.Claiming Homeowner Losses

Guard your rental property insurance policy well once you've got it. Don't file claims unless you have to -- if you file more than two or three claims, your rates will rise and your policy may be canceled. You are best advised to get a policy with a high deductible, so that you've got no reason to file lower-cost claims that will raise your premiums or lead to future cancellation of your policy. (Your lender may, however, insist you not go higher than a certain deductible amount.)

You’ll want to consider any employees you hire to make sure that they’re properly insured, number one against any damage they may do while working on the rental property and number two you? Ask your broker about having some sort of liability insurance in case they’re injured while on the job.

If the tenants have to leave for any reason, your source of income goes with them. Talk to your broker about protecting your rental income in the event of loss.

Make a Home Inventory.

If your rental property gets robbed, catches fire, gets flooded, suffers an earthquake, or other disaster, an up-to-date home inventory will make it easier to deal with police and your rental property insurance company. Without one, you'll have to create a list of all your property from memory.

Take a little time to formalize your inventory. Your rental property insurance company may supply inventory forms.

Consider employer's liability to cover claims filed by anyone you hire to work on your property. This includes, but is not limited to, handymen, painters or landscapers. .

rental property insurance, home owners insurance, renters insurance