Rental Property Insurance
Rental Property Insurance Information
We define a Vacation and Short-Term rental property as one which you own and may sometimes use, which you rent to others on a daily, weekly, or monthly basis (not more than five months at a time).
Insurance isn’t a one-size fits all situation. Our carriers allow you to customize your policy to include the coverages that you believe are right for your situation. A basic policy covers the home itself (and any attached structures, like a garage). You can add coverages, like:
Loss of rents – applies to the loss of actual rents if the dwelling is temporarily uninhabitable due to a covered loss.
Personal property – these are the things you may have in the home, such as appliances or furniture
Liability – applies if a claim is made against you or a suite is brought against you for damages due to bodily injury or property damage caused by an accident on the insured premises.
LEVEL OF COVERAGE
Our carriers offer different types of coverage for Vacation and Short-Term Rentals Properties. A Named Peril policy insures you for the perils that are specifically named in the policy, such as fire, lightning, windstorm or hail, explosion, riot or civil commotion, aircraft, vehicles, smoke or smudge, and vandalism and malicious mischief (if added). Comprehensive coverage is broader, and it means that all perils are covered unless they are specifically excluded in the policy.
We are Landlord and Rental Property Insurance Specialists! We give you the flexibility to tailor your policy to create what you want – or you can choose from one of the available packages.
The basic policy has an Agreed Loss settlement provision, which means that if your home is destroyed by a covered loss, you receive the full amount of Coverage A (Dwelling) insurance listed on your policy’s Declarations Page, minus any applicable deductible. You won’t have to argue about what your home was worth or guess what your settlement will be. Our carriers also offer optional Replacement Cost, Extended Replacement Cost and Repair Cost.
Here are just a couple of the ways you can save money:
· Newer Home
· Claims Free
· Multi-policy and multi-property
· Tenant Screening
· Landlord Association
· Property Management Company