Own a Rental? You May Need Business Insurance
Own a Rental? You May Need Business Insurance
People become landlords in a variety of ways for multiple reasons. They may intentionally invest in real estate as income properties. Some inherit a property and rather then sell it, they may decide to keep it and rent it out. Others may have extra space in their home and make the decision to rent out a room long or short term. Being a landlord, however, is not always easy. There are vacancies to fill, rents to collect and a seemingly endless myriad of property maintenance issues.There’s also the fact that when you become a landlord, you are going into business. This can create a need for business insurance.
Your Homeowners’ Insurance May Not Be Sufficient
Generally, your typical homeowners’ insurance policy would not cover any damage to your property as the result of its use as a rental.
Check with Your Homeowners’ Insurance Agent
Each insurance company may have its own provisions regarding rental properties. Whether your tenant is a member of the family can make a difference, as can the physical setup of the space.
Explore Your Options for Coverage
Most policies designed for landlords will provide basic liability coverage, property damage and income protection. This income protection would be valuable in a situation where the property may become uninhabitable due to damage. Like a standard homeowners’ insurance policy, flood insurance would need to be acquired separately.
Protect Your Contents
If you rent furnished space, store personal belongings in the space you rent, or provide major appliances, make sure you have coverage on your personal property.
If you are an investment property owner it can be a very good idea to encourage your tenants to secure their own renters insurance. Renters insurance will cover their personal possessions, offer protection from liability claims and offer protection in the event of theft or vandalism. Remind them that your insurance will NOT protect their personal property.
If you are considering the purchase of an investment property, make sure you insure your investment. Contact one of our independent insurance agents to discuss your property and your risks. They can seek out quotes from multiple insurance companies and help determine which coverage is best for your situation. Contact us today to get started.
Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder
Search All Blogs
Search All Blogs
Read More Blogs
Beyond Pizza and Promises: Recognizing When It’s Time to Hire Professional Movers
Time to call the pros? Learn when pizza and beer just won’t cut it for your next move.
Mapping Our Roots: Uncovering the Stories Behind American City Names
City names revealed! Discover the historical, religious, and geographical influences behind the monikers of American cities.
The Agile Approach: Why Short, Focused Plans Are Overtaking the Mammoth Business Blueprint
Ditch the doorstop plan! Discover why concise, adaptable strategies are the new gold standard for business success.
Embracing Tomorrow: The Practical Power of Planning for Life’s Only Certainty
Face the future with confidence: Understand how planning for life’s only certainty with life insurance can provide lasting security.
Steering Your Savings: Taking Control of Your Car Insurance Rates
You’re in the driver’s seat! Learn how your credit, driving habits, vehicle choice, and smart shopping can lower your car insurance costs.
Underfoot Upgrade: Transforming Your Garage Floor from Forgotten to Fantastic
Don’t ignore your garage floor! Discover easy and impactful ways to upgrade this often-neglected area of your home.
Unwrapping the Wiener: A Deep Dive into the History and Lore of the Hot Dog
Beyond the bun: Discover the surprising history, varieties, and enduring appeal of America’s favorite tubular treat.
The Untapped Power of Collaboration: Why Asking for Help Fuels Business Success
Stop going it alone! Discover how leveraging the expertise of others can relieve pressure and drive your business forward.
Navigating the Grandparenting Journey: Understanding Today’s Families
Grandparenting today: Learn key shifts in family dynamics to build stronger connections with your children and grandchildren.
Mapping Our Paths: The Fascinating Reasons Behind Our Road Networks
The story behind the asphalt: Explore the geographical, historical, and planning influences that shaped our modern road systems.