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

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Want to learn more about our blog writer?

Read more about KayLynn's background.

Click Here

Search All Blogs

Search
Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Why Coin Collecting Is Still A Terrific and Educational Hobby for Kids

It’s an Inexpensive, Fun Way to Occupy Time While Learning

Why You Should Have an Annual Business Insurance Review

An Annual Business Insurance Review Just May Help Your Bottom Line

The Two Biggest Factors That Make Life Insurance Rates Increase

Age and Health Are the Biggest Contributors to Increasing Life Insurance Costs

The Great Recreational Vehicle Revival

RVs Are Opening Up New Recreational Opportunities for Families

Want to Add Value to Your Home? Consider Upgrading Your Landscaping

You may be surprised with what a little investment in some landscaping around your home can make. Try these do-it-yourself ideas!

Weird Stuff You May Not Know About Grocery Shopping

These Grocery Shopping Statistics May Surprise You

Tapping Into The Genius of Your Staff to Make Your Business Better

What Your Employees Know Can Help You….If You Ask

Life Insurance: Buy What You Can Afford

Buying a Large Amount of Life Insurance May Be Pointless If You Can’t Afford It

The 10% Rule: Should You Drop Your Comprehensive & Collision Insurance?

Are You Paying More for Auto Insurance Than You Need To?

This Biggest Cause of House Fires May Surprise You

The Threat is Lower Today, But House Fires are Still a Problem

Leave a Comment