Recommended Things To Do For A Competitive Landlord Insurance Policy

Hey guys, Jason here with 303 Insurance Brokers, and I wanted to share with you another awesome insurance tip of the day. This insurance tip came up from the conversation I’m having with two of my clients right now. They’re both in the process of buying a new home, and they have the fortunate ability to keep their existing home. Needless to say, they need a change their Home Insurance to Landlord Insurance.

Great Way To Make Money

They’re going to take their existing home and turn it into an investment property for income potential, which is awesome. If you have any ability to do that, it’s a great way to make money, not only for that rent each month. But also, you get the appreciation of owning a home for a more extended period. It’s a win-win situation. 

5 Important Home Insurance Coverage

But with that, the Rental Property Insurance is slightly different from Homeowners Insurance. When it comes to Landlord Insurance, the 5 important coverages from homeowners insurance stay very similar.

Things You Should Have on Your Landlord Insurance

Personal Property Coverage

What we want to look at is the personal property coverage. Most people renting out their house as an investment property don’t have nearly as much personal property in it unless it’s fully furnished.

So, we get to subtract a whole lot out there. But we do have a different risk profile with a renter or a tenant living in a house versus the primary owner. So that changes our risk a little bit. But the other thing that we get to do, which is called loss of income. 

Loss of Income

With a standard home policy, if you can’t be in your home due to an insurance claim, they’re going to put you up in a rental property or something like that. The same thing happens when you’re a landlord. Except what they’re going to do is if you have a house inhabitable, an investment property due to an insurance claim, they can give you loss of rent coverage for the time that your home isn’t able to be used. 

So it’s a cool thing. If you’re thinking about doing an investment property or how it works and how the Landlord Insurance works for it, please feel free to reach out to Jason with 303 Insurance Brokers.