Landlord Insurance
Owning rental property can be a great source of income and at Aspire Insurance Agency, we want to help you protect your valuable investment from damage and protect you from liability claims that may arise.
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A Landlord or "Dwelling Fire" policy acts very much like a homeowners insurance policy, but with a few key distinctions. Like homeowners insurance, landlord policies will provide coverage for:
-The Dwelling Itself
-Other Structures (fences, statues, gazeebos, etc.)
-Personal Property
-Loss of Use (In the case of a landlord policy- "Fair Rental Value")
-Personal Liability (Landlord Liability Protection)
-Medical Payments
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You will have already noticed above a few differences. "Loss of Use" typically found on homeowners insurance policies to pay for living expenses if your home is uninhabitable due to a covered claim has been converted to "Fair Rental Value" for landlord purposes. This coverage reimburses you for loss of rental income if the dwelling has been damaged due to a covered loss, and cannot be rented out while being repaired/reconstructed.
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Personal Liability coverage has also been amended or endorsed sightly to provide additional protections for things like invasion of privacy, wrongful arrest, wrongful eviction, discrimination, etc.
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Many times a landlord will own multiple properties; this common situation has prompted insurers to allow multiple addresses and units to be "scheduled" onto one single policy. It is common for the policy to have one limit of liability insurance that covers all addresses. Put another way, instead of purchasing $500,000 in liability insurance for each address, you purchase it once, and the insurance company will cover liability claims up to $500,000 for any of your properties. Ask an Aspire agent how this can be done for your properties.
Whether you own a home, townhome, duplex, condo, or other property, we have a solution for you so you can of peace of mind in bringing in new tenants. Whether you are purchasing a vacant property to fix and flip or you own a well maintained home that is already eased, we have coverage options available with may top carriers.
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Consult with an agent today!