2 Reasons Why Rental Property Insurance Is Rising and How To Find Better Rates

Hey, guys. Jason here with 303 Insurance Brokers. I wanna share with you another important insurance tip of the day. Today, I really want to talk about a little bit of a market update about rental property insurance. Something that I see in the insurance world.

What Rental Property Insurance Covers

I’ve got a lot of clients that have rental property insurance out there. They’ve got those investment properties. So we ensure them a little a bit differently than you would with a traditional home policy.

We’re rating them for different risks. The risk of a tenant being in there. We’re making sure that we cover if there is a claim, we’ve got their loss of income covered for that versus the loss of use.

I’ve talked about renters or landlord policies before, but we see a spike in the cost and the renewal cost of landlord policies, and it’s due to a couple of things.

2 Biggest Reason Why Rental Property Insurance Is Rising

1. Once again, COVID still is running rampant. We are just coming out of a lot of the eviction moratoriums where we have a lot of landlords across the country and investors that have not been paid rent for a significant period.

2. There’s been an uptick with tenants who have destroyed or damaged their landlords’ property and ultimately need insurance to go after.

When Is The Best Time To Shop For New Insurance Policy

So, if you’re seeing a renewal come through for your landlord policy, you’re probably gonna see a pretty steep uptick in the premium. It’s due to the claims out there, but it’s also a great policy. I’d love to review

for you. 

See if we can get you a better rate. See if we can get you some better coverage. Feel free to reach out to me at Jason@my303Insurance.com or 303-506-2755, and we’ll talk to you real soon. Have a great day.