Do you own a rental property in Tucson? Looking for better rental property insurance?
So you’ve have decided to become an investor. What an exciting time in your life and in the life of someone who is about to become your tenant.
As much as there are exciting butterflies floating around in your stomach, I am sure the worries are also starting to set in. Mostly because someone else is going to be residing in a house you own. This can be a scary thought to some. However by having a secure policy in place, Integrity Insurance Services can help protect you from the everyday worries of being a landlord.
What is the difference between Your Home Coverage and Landlord Coverage
The major difference between these two policies is that the homeowners insurance provides you coverage when you reside in the home. The landlord policy provides you coverage for when you are not residing in the home. It is important to know and understand that by not having the proper coverage in place you can ultimately risk not having a loss covered if a claim arises. Talk openly with your agent and find the correct policy for you.
So Why do you Need Landlord Insurance?
If you own a home that is not being occupied by you… you need landlord insurance. This insurance will cover you from things like property damages, liability exposures, and any personal property you might own in the home. The key here is that the home is being occupied by someone other than you.
Key Parts of A Landlord Policy
Dwelling Coverage– Acting in the same way as your homeowners policy would, the dwelling coverage is going to provide you coverage for the structure of your home. This will not include personal property items.
Personal Property– Typically on a Landlord policy you will see a minimal amount of personal property coverage listed. This coverage is for things that are in the home that belong to you as the owner. Examples of some of these things might be the TV you have wall mounted and left, appliances, etc. It is extremely important to know how much coverage you have for these items as most policies do not automatically include personal property coverage.
Personal Liability– This coverage is put in place to protect you from financial risk if you are found negligent for anything that might incur medically for a third party on your property.
Loss of Rental Income– In the event you have a claim on your property that causes your tenant not to be able to reside in the home. This coverage would pay you, the landlord, the rent which the property is being put back to livable conditions from a covered loss.
The best way to make your decision as to what Landlord policy would fit you it is best to always contact your local insurance agent. Here at Integrity Insurance Services we specialize in making sure the policy fits what your needs are. Whether it be needing to insure your single family investment home, or if you need coverage put in place on a four-plex.
We will talk with you about your needs and find a policy that fits you.