Rental Property Insurance
Rental Property Insurance Quote Forms
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Rental Property Insurance Information
Renting out property to others can provide a lucrative and reliable revenue stream. However, having rental units may make you vulnerable to risks and exposures that could lead to extensive financial losses. Regardless of how well you vet your tenants or how diligent you are in conducting maintenance, your properties may eventually be involved in incidents that could incur sizable out-of-pocket costs. With this in mind, rental property insurance is an advisable investment.
What Is Rental Property Insurance?
As its name suggests, rental property insurance is a type of property insurance focused on financially protecting landlords and their rentals. Also referred to as landlord insurance, an appropriate policy can cast a financial safety net across many common risks, including fires, criminal activity and some weather-related incidents. Like many other types of insurance, rental property insurance policies establish a contractual agreement between you and your insurance company; by paying your regular premiums, you can gain access to funds and resources following covered incidents.
What Does Rental Property Insurance Cover?
Rental property insurance policies typically provide multifaceted coverage and include the following features:
Do I Need Rental Property Insurance?
Landlords are typically not required to maintain rental property insurance, but if you’ve purchased your property using a mortgage, your lender may require you to have coverage as long as your loan remains outstanding. Regardless of formal obligations, rental property insurance should be a top priority, as lacking coverage could leave you without the means to manage potentially devastating out-of-pocket losses.
Get the Right Coverage
With over 20 years of experience helping homeowners, businesses and families in the Kansas City area understand and address their coverage needs, Auto Insurance Discounters is well-equipped to help you secure optimal rental property insurance. Contact us today to get a personalized quote or learn more.
- Structural damage coverage—This component of your rental property insurance can help pay for damage sustained by the physical elements of structures, such as roofs, foundations, electrical systems and plumbing.
- Landlord possession coverage—If you leave your own belongings on the premises of a rental, such as furnishings, appliances or maintenance equipment (e.g., snowblowers and lawnmowers), your insurance may financially protect them.
- Loss-of-use coverage—This coverage may help you recoup lost or reduced income if an incident makes your property temporarily uninhabitable, and you cannot collect rent.
- Landlord liability—Your insurance may also provide financial protection from incidents where you are at fault for the losses of another party, including tenants, guests and passersby.