Converting a home from a primary residence to rental property can be a lucrative endeavor. However, it is important to insure the assets properly. Since a traditional homeowner’s insurance policy does not provide proper coverage for a commercial property, a rental property insurance policy is needed.
Rental property insurance covers the rental property owner. Tenants need to obtain a renters insurance policy to protect their personal property.
Rental Property Insurance Coverage:
Structure
A rental property policy should cover the cost of repairing or rebuilding the property.Personal property
If personal property such as furniture or appliances is also included with the rental property, these items should also be insured.Loss of income
Protect your rental income. In the event your rental property becomes unlivable this insurance coverage will pay fair rental value while the property is being repaired.Liability protection
Rental property owners are particularly susceptible to liability claims. Liability protection is financial protection. Liability protection covers medical bills and other settlements associated with injuries to others.
Fact: Since rental property insurance generally provides a limited amount of liability protection, additional coverage may be needed for certain exposures, such as a swimming pool or trampoline. An umbrella policy provides additional liability protection in the event damages exceed the coverage limits of the rental property policy. With rates are as low as $20 a month for an additional $1 million in coverage, it is important to discuss how this additional policy can provide you with the protection you deserve.
MemberHaven insurance agents are available to help you find the perfect rental property insurance policy for your particular situation. We work with multiple carriers to ensure the right fit at the best possible price. Contact us today for a free quote.
