If you own rental property, you have unique business risks and assets that aren’t covered by a homeowner’s insurance policy. Choosing a landlord insurance policy can give you added security in knowing your rental income is safe.
Our landlord insurance quote policies offer protection for property owners:
What kind of rental property do you own? You might have several multi-unit complexes. Maybe you restored a vintage fourplex in a historic district — or rent out a single-family house you inherited from an aunt.
Whatever your portfolio looks like, BizInsurancePro understands that residential real estate investments can come with unique challenges — to both your properties and your financial stability. Landlords can select personalized coverage and get the insurance they want.
If you’re gathering quotes from several companies, make sure you choose the same coverage types, limits and deductibles for an accurate comparison for your landlord insurance quote.
The cost of landlord insurance, also called rental property insurance, can vary quite a bit based on a number of factors. You may see rates as low as $500 per year for a small rental unit, or even several thousands of dollars per year for a larger unit with a whole list of amenities.
Here are some of the factors that will affect your premium costs.
Your best bet for the landlord rental insurance policy you need is a local independent agent in our network. These agents can compare prices for you, explain the insurance coverage options available, and look for landlord insurance discounts you may qualify for to make your coverage affordable.
Short answer: No. Property owners are not required to have a landlord insurance quote policy to rent out their property. Though landlord insurance is not mandatory, we recommend that property owners seriously consider purchasing a policy in order to cover damages that come up from being a rental property owner.
Insurance policies designed specifically for landlords provide added protection for financial loss and obligations associated with your rental properties.
While some landlords assume they can rely on their standard homeowners insurance to cover their rental units, homeowners coverage it usually not sufficient to protect an investment property.
Homeowners insurance covers owner-occupied homes while landlord insurance quote covers liability and damages connected to tenant-occupied homes.
Regulating Agency and References
Insurance Information Institute (III)
This organization’s mission is to improve public understanding of insurance – what it is and how it works.
Visit us at https://www.iii.org.
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