Rental Property Insurance
Rental Property Insurance Information
Single Family Homes-Duplexes-Triplexes-Quads
Single Apartments & Condo Units-Mobile Homes-Vacant Land
Small Apartment Buildings-Ancillary Commercial Buildings
We have a Solution for You!
Single Policy Coverage for Multiple Real Estate Holdings!
No need to manage multiple expiration dates and payment dates.
- One monthly invoice billed in 12 installments (Ultimate cash flow plan) or Annual Bill
- Online Property Management & Billing Portal
- Add and Delete locations online when properties are bought and sold
- All Risk Coverage
- Property and General Liability
- Wind and X-Wind Options
- Loss of Rental Income, Business Personal Property/Contents, Law or Ordinance options
- Replacement Cost & Actual Cash Value Options
- Per property deductible options ranging from $2,500-$25,000
- Florida/Coastal Wind/Hail coverage subject to a 2%,3% or 5% or stated minimum deductible options
- Single State and Multi-State Portfolios
- Long Term Rentals, Short Term/Seasonal Rentals, & Buy and Sell (Flippers) Investment Portfolios
- Vacant or Occupied
- Multiple Named/Additional Insured’s
- Individuals/LLCs/Corporations/Family Trusts/Property Management Firms/Limited Partnerships/Associations
- General Liability at Standard $2M/$1M per Property Limits (Lessor's Risk)
- Excess Liability $1 - 5 million Options
- No Coinsurance / 80% Co-insurance
- No Inspections; No Minimum Earned; No Short Rate Penalty
What is rental property insurance?
Renting out property can be a lucrative business, especially if you own several properties. While residents have certain responsibilities, it is the landlord’s job to protect the property. Rental property insurance covers buildings, fences, sheds and liability risks. Think of this coverage as a blanket that falls over the residents’ renters insurance. With both policies in force, you and your tenants are protected from various financial risks.
What can rental property insurance do for you?
Typically it does not provide coverage for renters personal property such as their own furniture, clothes, electronics, etc. Your tenants should obtain renters insurance to cover their personal belongings and you may require this as part of your lease agreement.
Even though you may not live in your rental properties, you still need to provide a safe environment for your tenants. Rental Property Insurance helps to cover costs to repair your rental if it is damaged by fire, lightning, wind/hurricane, hail, severe storm, or any other covered loss.
General liability insurance covers you in the event someone gets injured on your property and you are held legally liable.
Loss of Rental Income coverage provides for lost rents while your property is being repaired as a result of a covered loss.
Law and Ordinance Coverage covers the cost of rebuilding your property to the current building codes after a covered loss. This means if you lose and older house due to a hurricane, you won't have to pay out of pocket to bring it up to the current building codes. Some ordonnances will make you tear down the undamaged part of the building to bring them up to code. This covers the demolition costs (which can be astronomical) and the additional cost of construction to repair and rebuild to current codes.
According to Florida Building Code 3401.7.2.5, “when repairs and alterations amounting to more than 50% of the value of the existing building are made during any 12-month period, the building or structure shall be made to conform to the requirements for a new building or be entirely demolished.”
Further, Florida law requires the Florida Building Commission to update the Florida Building Code every three years, so building codes can (and do) change regularly. In fact, unless your property was built in the last 6 months, it may already be out of compliance.
What Rental Property Insurance Doesn't Cover
Neither regular maintenance nor wear and tear on a property are covered by rental property insurance. It is up to the landlord to monitor certain facets of the rental and keep them up to code.
Purchasing rental properties is a big investment. Like any business it is important to protect that investment from unforeseen events.
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