Landlord Insurance (Investment Property Insurance)

Landlord home insurance specializes in the insurance needs of the landlord. It is different than regular homeowner’s insurance. Some insurance companies have various kinds of insurance that they offer landlords. Each kind has its own requirements and methods for handling claims. A cheap policy can be more expensive later on, though it saves money initially. It normally covers only a minimum amount of flood or fire damage.

1. What Basic Landlord Insurance Covers?

Landlord home insurance covers particular damages like repairing the roof because of damage incurred from a hailstorm. Flood policies sometimes have to be bought as separate coverage. Some landlord home insurance policies cover rental income during the repair period; this is called loss of rent coverage. A policy may cover court costs due to evicting a tenant for non-payment of rent. The property owner can get insurance for landlord contents like furniture and appliances.

2. Getting More Coverage

To get more than basic landlord home insurance coverage optional coverage is needed. It will provide for theft, vandalism, lost rent, property damage, natural disasters and liability. The liability protects the landlord against claims by a renter that has been injured because of a danger in the property. For instance, some insurance companies won’t cover damage incurred from burning a wood stove. A landlord with a wood stove in his rental property needs to find a company that will insure him for this situation.

The landlord can get emergency assistance coverage, which protects against difficulties with hot water system, doors and windows, keys, electrical system or gas system, plumbing problems, drainage issues, commode system, leaky roof, and heating system.

3. Risk Assessment

The insurers use claims data and statistics to assess risks. A property that has many factors that causes more claims and the claims history of a landlord make premiums go up. The person shopping for landlord home insurance should gather quotes from several companies and make comparisons to get the best insurance for the money. Look for what is included in the policy and what is excluded. To get help finding the right landlord home insurance company a landlord can consult an insurance broker, other landlords, and his landlord association.


4. Finding Discounts

Some insurance companies offer discounts for landlord home insurance policies. For instance, if you purchase more than one kind of insurance or if your property is close to a fire station or hydrant. Installing security features like smoke and burglar alarms and deadbolts, lowers rates. Inquire as to which discounts apply to your policy.
 

Landlord Protection Insurance

You need to feel confident that all you've worked for is not at risk. Whether you own one rental property or several, we'll be there to make it right if it is damaged as a result of a covered event. And we'll also help you get your rental property back to generating revenue as quickly as possible.


Coverage Options Rental property is a great investment, especially if you protect your assets with excellent coverage and the advice of an experienced Safeco agent. Make sure that you and your property are covered when choosing a landlord protection insurance policy. Learn more about your coverage options.


Getting Started Talk with an independent Safeco agent about Landlord Protection™ insurance. They can help you identify the best combination of coverage, value, and price for you. And they work with you to make sure your insurance continually meets your changing needs.
 

Landlord Protection Coverage Options

It's really about protecting your investment. As a landlord, you want insurance that's tailored specifically to protect your rental properties. The Safeco Landlord Protection policy gives you choices when purchasing the insurance coverage you need.


Coverage Options at a Glance
Safeco's Landlord Protection™ Insurance is designed for landlords of tenant-occupied, 1- to 4-unit dwellings
Safeco offers a choice of policies that cover the most common causes of loss as well as a policy that covers some of the less common causes because we know your investment is unique
Safeco offers optional liability coverage for the risks posed by tenant-occupied dwellings
Providing only the level of coverage you need lowers your cost

Extended Dwelling Coverage: For an additional premium, we cover up to 25% above the insured amount in the event a major or total loss to your dwelling exceeds your coverage limits.


Protect Yourself: Optional Landlord Protection liability insurance options protect you and your spouse or domestic partner against personal injury, wrongful eviction, or wrongful entry as well as other non-bodily injury claims such as libel and slander. Talk to your agent about available coverage levels up to $500,000.


The Secret to Selecting the Right Amount of Coverage: The more information you provide, the better they will be able to create a landlord protection insurance policy that's right for you. And if you want to reduce your premium, talk to your agent about increasing your deductible.


Extra Coverage Doesn't Have to Cost a Lot: Many landlords supplement their coverage with personal umbrella liability insurance for broader protection. Talk to your agent about the amount of coverage that's right for you.

Have you ever wondered the difference between landlord insurance and the regular homeowner insurance coverage? If you do not understand, you could have things really confused and this could cost you a lot unless corrected. Let's see the difference.

First, let's look at the difference between the two situations. I think that would be the easier way to understand the difference in the two coverages.

If you own a home and live in it, then you would need a homeowner insurance. If however you own a home but do not live in it rather you have it rented out to a tenant, then you would be needing a landlord insurance. These are the reasons.

Who is likely going to take more care of my house? My tenant or me? That's one point. The insurer knows you would take more care of your home because you have a vested interest in it unlike a tenant who can simply pack up and leave at the slightest urge.

If you live in your home, then you can't make a claim on a damage done to your property by you as your insurer would not honor the claim. In fact, depending on the nature of the damage, you could be charged with a criminal charge if you make a claim. However, if one of your tenants caused a damage to your property you would be able to make a claim and be paid. It would be regarded as a malicious damage.

I am sure the above points has shed more light on the issue.

Landlords, how can you save money as you get what you need, a landlord insurance policy?

The first thing you need to be aware of is that insurer put into consideration the type of people you take in as tenants. You would do well to consider more of professionals and people with a steady and disciplined life style since this would impact positively on your insurance rates.

Lastly, be sure to get and compare as much quotes as you can. This is a sure way of getting the cheapest possible landlord insurance rates.