Your tenant falls down the stairs in their rental. It’s determined that the handrail in the shared stairway was loose, which contributed to the fall.
There is a covered windstorm claim in your duplex rental, leaving both units uninhabitable for several months. During repairs, you are unable to rent out the units and collect any rental income.
During heavy rains, water backs up into the basement, destroying the washer and dryer you provide for the tenants.
After your tenant’s lease expires and they have vacated the property, you find a large amount of damage due to the insured’s less than ideal living conditions. There are broken windows, excessive stained carpeting and cabinet doors are missing.
Would you be covered? Would you have enough coverage?
Insurance isn’t always simple.
Having an independent agent on your side means you have a policy catered specifically for your property and the investment you have in it. And as your needs change, we can change right along with you.
CORE LANDLORD COVERAGES EXPLAINED:
- Dwelling: Coverage for your rental building and any attached structures, such as an attached garage or deck. Landlord policies generally have an option to choose between insuring for actual cash value or for replacement cost.
Other Structures: Coverage provided for any detached structures, such as a shed, fencing or detached garage.
- Landlord Property: Coverage for contents that belong to you but are kept at the residence either for use by the tenants or to service the property, such as a washer & dryer or a lawnmower.
- Loss of Rents: Coverage provided for loss of rental income if your rental unit(s) are unhabitable after a covered loss.
- Landlord Liability: Provides protection against lawsuits for incidents occurring at your rental property that you may become liable for.
- Medical Payments: Coverage for others who are injured at the rental residence.
COMMONLY INCLUDED LANDLORD ENHANCEMENTS:
- Water Backup of Sewers or Drains: Provides a limit of protection for damages due to the backup of sewers or drains. Generally, these losses occur in a basement, but can happen anywhere in your home.
- Service Line Coverage: Provides coverage for underground utility lines running to your home, for systems such as cable/internet, sewer and gas.