Every property owner needs this policy when renting.
Rental property insurance is a specialty home insurance policy for the property owner rather than the tenant. It’s similar to a homeowners policy but is designed to account for the differing risks that you face when you rent a property rather than live in it yourself.
What does rental property insurance cover?
In addition to the damage to the building itself and your personal property (such as included furniture), a rental property policy often covers lost income if property damaged means you can’t rent it out for a period. The policy will also often include coverage for liability you might face if a tenant sues over injury suffered in the property.
Covers the risks involved with renting out a property.
Other covered risks can include any costs you have to pay to move a tenant in or out of the property during repairs and any compensation you have to pay to a tenant if damage puts heating or air conditioning out of action.
What’s not covered by a rental property policy?
One point to watch is the fact that policies usually don’t cover loss of income if a tenant fails to make rent payments or the costs of evicting a tenant if necessary.
If you’ve got any questions on rental property insurance cost or coverage, or want to find the best policy, contact us today.
