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
Thoughts About Naming a New Business
How Did Your Business Get Its Name?
Can Healthcare Be Interesting?
Some Stats Can Help Us Understand Healthcare Just a Bit Better
The Land of Misfit Cars
Some Lovable Cars That Just Missed the Market
Bugs, Insects, Pests, and Home Insurance
Creepy Crawlies Can Cause Costly Carnage
Garage Sale Bingo
Items You Can Expect to Find When Heading Out to Yard and Garage Sales
Give It Away
Does “Giving It Away” Make Sense for Your Business?
Life’s Challenges and Rewards
The Hills and Valleys Are Just a Part of It
Frequent After-Market Add-ons for Cars and Trucks
We not only love our vehicles, but we love making them our own. Is your car or truck properly insured for these add-ons?
Getting Serious About Energy Savings
Are You Ready for the Next Step in Going Green?
Getting Your Mind Out Of the Gutter: Fun Bowling Facts
Staying in Your Lane Used to Mean Something Different