Investment Property Insurance
Looking to protect your investment property? Landlord’s rental property insurance provides all the coverage you need to protect your dwelling from damage and yourself from potential liability. With this coverage, you can protect your rental building, other affiliated private structures such as a garage or shed and any personal property such as tools, appliances or furniture stored on-site or provided by you to be used by your tenants.
You can purchase landlord’s rental property insurance in one of two ways: as landlord’s rental dwelling insurance (rental buildings designed for one to four families) or rental condominium insurance (for condo rentals). With respect to the building coverage, you may obtain coverage only for fires or for losses in general. Fire insurance may be purchased on a “basic” or “special” form basis. The basic form provides coverage on a “named perils” basis. Named perils include fire, lightning, windstorm, hail, explosions and smoke. Special form policies provide coverage for all types of losses, unless they are excluded (for example mold and mildew). However, both policies only cover “sudden and accidental” losses. Those which occur over a period of time (such as leaking toilets that lead to dry rot) are not covered. Additional coverage can be added to include loss of rent, general liability, or additional umbrella insurance.
Another way to protect your investment property is with a Business Owners Package (BOP), which bundles all available coverage into one policy. Fire coverage (on a special form basis), loss of rents, theft of money or loss of business property owned by the insured are just some of the provisions that may be written in a BOP policy. Terrorism insurance is also available, but exposure is usually limited. Exclusions may include employment practices liability, wrongful termination, discrimination and earthquake coverage.
At Morrell, we can help you find the type of policy that is right for your investment property. Give us a call today to find out what options will best meet your insurance needs!
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