| Landlord
Insurance |
The price you pay for your Landlord's Insurance or Fire
Policy can
vary by hundreds of dollars.
You should compare prices annually.
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Landlords
should shop for the best landlord insurance rates just as you should your
home. Check with other landlords in your area or a landlord association.
You can apply online
for landlords insurance quotes
and receive information from more then one insurance company.
If you
have an existing landlords insurance policy or are purchasing an
investment property,
click
here for our landlords insurance quote service.
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What is a Landlords
Insurance Policy?
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A
Landlords Insurance Policy can take several forms depending on the age, number
of units, type of ownership, location etc. Typical landlords insurance may consist
of a FIRE POLICY and UMBRELLA POLICY
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which may be an extension of the insurance on your
primary home. The Umbrella extends your liability coverage. Again, this
all depends on the type of ownership and the number of units. You should
speak to an insurance agent experienced in multi-family housing to get the best
solution for your individual needs and location.
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YOUR DEDUCTIBLE
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Deductibles are the amount of money you have to pay toward a
loss before your insurance company starts to pay a claim on your policy. The higher your deductible,
the more money you can save on your premiums. Insurance companies typically
recommend a deductible of at least $500. If you can afford to
raise your deductible to $1,000, you may save as much as 25
percent on your premium.
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HOW MUCH SHOULD I INSURE FOR
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The
land under your house isn't at risk from theft, windstorm, fire
and the other perils covered in your landlord policy. So don't
include land value to determine how much landlord
insurance to buy. If you do, you will pay a higher premium than
you should because you will be over-insured. Your agent help you
base the amount of insurance on your homes square footage. In addition, the
agent will advise you HOW TO INSURE your rental property or properties.
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Click
for
Landlords Insurance Quotes
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RENTERS INSURANCE
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The landlord is NOT
responsible for the tenant's personal belongings (typically). The tenant should
be advised or required to obtain RENTERS
INSURANCE. We have a form letter you can download (free) to give to
your tenants advising them they either are or are not required to obtain Renters
Insurance and the purpose of it. Download
Letter or View
Renter Insurance Guide
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IMPROVE SECURITY
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Discounts of
at least 5 percent for a smoke detector, burglar alarm or
dead-bolt locks are common. Additional discounts may exist based
on the type of system or even how close you are to a fire station
or hydrant.
Landlords should take extra precautions on eliminating dangerous elements from
the property. Broken windows, cracked sidewalks, over-hanging trees, disrepair,
stairs, doors etc. A landlord may pay a higher premium for landlords insurance
the greater the risk. Talk to your agent prior to an inspection.
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TALK TO THE AGENT
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You're the landlord and it's your money. Talk to the agent about the proposed
landlords insurance and be sure you are not paying for things you don't need in
your policy.
The landlords insurance should protect you from a
possible tenant lawsuit if they or their guests were injured and to protect the
home from fire or other peril so that you can repair or rebuild should the need
arise.
Insurers have become more selective or more thorough on inspections. Be sure to
have your property in shape - for yourself, your tenants and any inspections
that are required by insurance or local officials.
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To
receive FREE QUOTES on
LANDLORD INSURANCE
CLICK HERE
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Sponsors and other insurance providers may include:
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