Landlord Insurance for Rental Properties
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Personalized Coverage for Residential Property Owners
Owning a property means you might want to rent it out. However, the home is still yours to maintain. Therefore, if something happens to it, you stand to lose out financially.
To protect your personal investment in a rental, you’ll likely need landlord insurance. Let the team at Salzberg Insurance help you enroll in coverage that reflects the unique characteristics of your property. Call us at 757-583-1828 or get a quote online now.
A rental home is a residence, an investment and a business venture. The ownership will remain in your name or possibly a LLC or Trust if you have established one like many property owners do. Many of the upkeep tasks will fall to you. Thus, you retain a duty of service to the occupant.
Therefore, in the event of a property loss or other damaging incident, you’ll likely want help picking up the pieces. A landlord policy functions like both homeowners and commercial insurance and will help address rental-specific risks. It reflects the fact that you have a paying customer occupying the property.
Your Policy Elements
Let one of Salzberg’s agents guide you through the process of setting up your landlord policy. Your coverage can contain multiple types of protection, including:
- Dwelling and structure coverage: Insures the house against damage threats like fires, severe weather, theft and similar occurrences. Your coverage might also apply to damage caused by a tenant. This coverage will often cover the entire property, not just the house alone.
- Liability coverage: Just by owning a property, you run the risk of causing accidental harm to others. Liability insurance might help you pay the medical bills or property damage costs of your tenants if you cause them harm. Coverage might also apply to other parties on the property.
- Contents insurance: If property within the home belongs to you, this coverage will help you replace these items. This often includes appliances but depends on the carrier and policy.
- Loss of Rental Income coverage: If a property sustains significant damage, it might become uninhabitable. Therefore, your source of income might dry up. This coverage can help reimburse you the costs you might otherwise lose.
Keep in mind: If you live in an area prone to earthquakes, floods or other mass disasters, you might need other coverage. Standard property insurance often doesn’t cover floods and similar losses. Consider getting additional policies at your agent’s recommendation.
Don’t forget, you’ll probably want to require your renter to carry renter’s insurance for their own possessions and liability risks. Many insurance carriers actually require that you have this requirement in your lease to help protect you. Salzberg Insurance proudly offers renter’s policies for tenants of all shapes and sizes. By requiring coverage, you’ll create a better safety net for all property risks.
We Are Ready to Help
At Salzberg Insurance, we understand that every rental property is unique. We also know that every landlord will want different sizes and shapes of insurance protection. It’s therefore our goal to help you get the most appropriate coverage for your property. We can guarantee your security.
Get started now. Contact us for a fast, free landlord insurance quote, or call us at 757-583-1828.
Don't forget, we can also insure your personal home!