Coverage for Rental Dwellings
Whether you are a first-time landlord who wants protection for your 1-4 unit rental property, or a seasoned investor with multiple tenant-occupied rentals, you’ll need rental property insurance coverage to protect your assets. Rental property insurance is also sometimes referred to as Dwelling Fire Coverage.
Homeowner's insurance policies are generally meant to cover owner-occupied properties, but not rentals. If you are relying on your regular homeowner's policy to protect your investment properties, you may be in for a surprise in the event you need to file a claim. Dwelling fire coverage is specifically tailored to protect your 1-4 unit rental properties while providing you with liability coverage as the landlord.
Apartment insurance is distinctly different from coverage offered by a dwelling fire policy. Apartments are generally covered under a commercial general liability coverage form, and can cover up to hundreds of rental units in one building. For more information on apartment coverage, please contact our office. We have multiple preferred markets for apartment complexes and can accommodate coverage for complete investment, property portfolios ranging from single rental dwellings up to large multi unit apartment complexes.
What Dwelling Fire Policies Cover
Imagine if a fire broke out damaging a property you own. Rental property insurance can help cover your lost rental income while damage is repaired or the structure is rebuilt. That’s just one scenario in which dwelling fire insurance protects your investment. Here are some other examples:
- Covers property damage to buildings and personal property, such as appliances and fixtures.
- Covers the landlord against liability claims and lawsuits resulting from injuries that occur at the rental property.
- Can provide coverage for loss of income, also known as Fair Rental Value, or loss of rents in the event the structure is uninhabitable by your tenants due to a covered loss.
When owning rentals is part of your investment strategy, you want to protect your investment with the right type of insurance policies. For most landlords and investors this means using the right type of insurance to protect against accidents and lawsuits, while offering optional coverage for loss of rents and requiring tenants to obtain a Renter's Policy to cover their own exposures.
Beach & O’Neill Insurance Associates can help you determine the best way to insure your rental properties. Our experienced team has access to a wide range of insurance products tailored specifically for the rental industry. We can help you find the lowest possible rates and best quality coverage to protect your rental property and protect your income stream even in the event of a loss. Contact our office to see what we can do for you.