Investing in real estate is growing again since the economic downturn in 2008. Real estate values which had fallen tremendously are now on the rebound and growing steadily every day. That makes buying houses and other rental properties for investment purposes attractive again. Along with purchasing rental properties come the need to have the right insurance coverage to protect your investment. Let Prysock Insurance Group be your number one source for Landlord and Rental property insurance. Not everyone understands this market, but Prysock Insurance Group does. We provide several different coverage options to protect your properties offering you the most value for your insurance dollar. We offer coverage from some of the top Landlord insurance providers in the industry.
You might think of this policy as homeowners insurance for landlords. As with homeowners insurance, your policy will cover the structure itself, in the event that it is damaged by any number of causes, such as storms, fire or malicious acts. The policy will also typically provide liability protection to cover injuries to anyone on the premises in the event that these injuries are deemed to be your fault or the result of negligence on your part.
A basic landlord insurance policy will typically include:
One key difference between home insurance and insurance for landlords is that you typically do not need to insure personal property such as clothes and jewelry. Because your tenants are responsible for insuring their own belongings with renters insurance, your coverage does not need to include personal property insurance, except to cover tools and other items associated with your property maintenance.
If, however, you are leasing a furnished home or apartment, you will need to purchase contents coverage for the belongings in the leased space.
While a basic policy will cover many of the typical problems and claims you may face as a real estate investor and landlord, here are some additional types of coverage to consider: