Rental Property Insurance

Renting out property can be a lucrative business, especially if you own several properties. While residents have certain responsibilities, it is the landlord’s job to protect the property. Rental property insurance covers buildings, fences, sheds and liability risks. 

  Even though you may not live in your rental properties, you still need to provide a safe environment for your tenants. While rental fees cover regular maintenance, you may face larger restoration costs after a fire or severe storm. Rental property insurance can help pay for those repair bills. We can help you insure your rental properties, whether you rent to full-time tenants or short-term tenants (AirBnB, vacation rentals, etc.). 

Standard rental property/landlord insurance policies include several elements:

Coverage A – Dwelling: This limit is the estimated cost to rebuild the home in the event of a total loss.  This coverage does NOT take into account the property/land value, as we are only insuring for the replacement cost to rebuild the home itself.

Coverage B – Other Structures: Provides coverage (typically 10% of the dwelling limit) for other structures/buildings on the property such as a shed, detached garage, or fencing.

Coverage C: Personal Property: Provides coverage for personal items stored in the home to service the rental, such as lawnmowers or snow blowers.

Coverage D: Loss of Rents/Fair Rental Value: Covers any incurred loss of rents due to the home not being inhabitable due to a covered claim. It is designed to allow the landlord to continue to collect lost rent.

Coverage E: Personal Liability: This coverage provides protection against bodily injury and property damage liability claims arising from tenant injuries and negligence on your part as a landlord. Examples could include failing to fix a leaking pipe, resulting in property damage to a neighbor’s property, or failing to fix a loose handrail, resulting in your tenant falling and injuring themselves.

Coverage F: Medical Payments: Similar to the identically named Auto Liability coverage, this provides coverage for injuries to guests occurring on your property. Payment is made regardless of legal liability.

Call us at (775) 831-6233 or fill out the form below for a free quote.