Rental Property Insurance
Rental Property Insurance Quote Forms
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Rental Property Insurance Information
Renting or leasing your property (e.g., home, condo, apartment) comes with various risks. Your property could be damaged or destroyed or you could face legal liability claims if a tenant is injured on the property. Rental property insurance, also known as landlord insurance, can help protect you from financial losses associated with renting your property.
The agents at Svendsen Insurance Agency are here to help you find the right rental property insurance coverage for your needs. Contact us today for more information.
What Does Rental Property Insurance Cover?
Generally, your rental property insurance policy will include two types of coverage: liability and property insurance. Although individual policies may vary, here are some of the benefits that may be included in your coverage:
- Property insurance may help pay for damage to the physical property you’re renting due to covered losses.
- Dwelling coverage may assist with repairs or replacements for your rental property if the structure is damaged due to a covered peril.
- Other structures coverage may help pay for damage to additional structures (e.g., porch, garage) on your rented property from covered losses.
- Personal property for maintenance coverage may reimburse you for damage to equipment you use to service your rental property (e.g., lawnmower, snowblower).
- Liability insurance may cover costs (e.g., medical bills, legal fees) if you’re held legally responsible for causing injuries to tenants at your rental property.
Additional coverages may also be available. Contact Svendsen Insurance Agency to learn if you could benefit from the loss of rental income coverage, non-occupied dwelling endorsements or other add-ons.
Do I Need Homeowners Insurance for a Rental Property?
A standard homeowners insurance policy is designed to protect the property you live in. If you rent your property out full-time, you may have unique home insurance needs. Insurance companies may have different criteria for what constitutes a rental property. Ask your insurance agent about your coverage needs to better understand what types of coverage you need to purchase.
Does Umbrella Insurance Cover Rental Properties?
An umbrella insurance policy can help provide extra liability insurance coverage on top of your existing policies. Generally, you may purchase umbrella insurance to increase the liability limits of your existing rental property insurance coverage. However, you will need to have an underlying rental property insurance policy with liability protections first.
How to Estimate Insurance on a Rental Property
Rental property insurance is not a one-size-fits-all policy. Several factors may impact the cost of your premiums, including the following:
Contact Svendsen Insurance Agency in Woodbridge, Connecticut, to get started with a rental property insurance quote and to speak to an insurance agent today.