Landlord Insurance (Investment Property Insurance),
Rental Property, DP3, Aprtment Building Insurance
Landlord home insurance or Rental Property Insurance, Duplex
Insurance, Apartment Building Insurance, or DP3 Insurance
Coverage all refer to the same type of policy. It
specializes in the insurance needs of the landlord. It is
different than regular homeowner’s insurance. Some insurance
companies have various kinds of insurance that they offer
landlords. Each kind has its own requirements and methods
for handling claims. A cheap policy can be more expensive
later on, though it saves money initially. It normally
covers only a minimum amount of flood or fire damage.
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We insure any apartment building size
from 2 to 99 units. We have the best and lowest cost
insurance companies on our side to offer our clients
excellent policies and superior service.
1. What Basic Landlord Insurance Covers?
home insurance covers particular damages like repairing the
roof because of damage incurred from a hailstorm. Flood
policies sometimes have to be bought as separate coverage.
Some landlord home insurance policies cover rental income
during the repair period; this is called loss of rent
coverage. A policy may cover court costs due to evicting a
tenant for non-payment of rent. The property owner can get
insurance for landlord contents like furniture and
2. Getting More Coverage
more than basic landlord home insurance coverage optional
coverage is needed. It will provide for theft, vandalism,
lost rent, property damage, natural disasters and liability.
The liability protects the landlord against claims by a
renter that has been injured because of a danger in the
property. For instance, some insurance companies won’t cover
damage incurred from burning a wood stove. A landlord with a
wood stove in his rental property needs to find a company
that will insure him for this situation.
can get emergency assistance coverage, which protects
against difficulties with hot water system, doors and
windows, keys, electrical system or gas system, plumbing
problems, drainage issues, commode system, leaky roof, and
3. Risk Assessment
The insurers use claims
data and statistics to assess risks. A property that has
many factors that causes more claims and the claims history
of a landlord make premiums go up. The person shopping for
landlord home insurance should gather quotes from several
companies and make comparisons to get the best insurance for
the money. Look for what is included in the policy and what
is excluded. To get help finding the right landlord home
insurance company a landlord can consult an insurance
broker, other landlords, and his landlord association.
4. Finding Discounts
Some insurance companies
offer discounts for landlord home insurance policies. For
instance, if you purchase more than one kind of insurance or
if your property is close to a fire station or hydrant.
Installing security features like smoke and burglar alarms
and deadbolts, lowers rates. Inquire as to which discounts
apply to your policy.
Landlord Protection Insurance
You need to feel
confident that all you've worked for is not at risk. Whether
you own one rental property or several, we'll be there to
make it right if it is damaged as a result of a covered
event. And we'll also help you get your rental property back
to generating revenue as quickly as possible.
Coverage Options Rental property is a great investment,
especially if you protect your assets with excellent
coverage and the advice of an experienced Safeco agent. Make
sure that you and your property are covered when choosing a
landlord protection insurance policy. Learn more about your
Getting Started Talk with an
independent Safeco agent about Landlord Protection™
insurance. They can help you identify the best combination
of coverage, value, and price for you. And they work with
you to make sure your insurance continually meets your
Landlord Protection Coverage
It's really about protecting your investment.
As a landlord, you want insurance that's tailored
specifically to protect your rental properties. The Safeco
Landlord Protection policy gives you choices when purchasing
the insurance coverage you need.
Coverage Options at a Glance
Landlord Protection™ Insurance is designed for landlords of
tenant-occupied, 1- to 4-unit dwellings
Safeco offers a
choice of policies that cover the most common causes of loss
as well as a policy that covers some of the less common
causes because we know your investment is unique
offers optional liability coverage for the risks posed by
Providing only the level of
coverage you need lowers your cost
Coverage: For an additional premium, we cover up to 25%
above the insured amount in the event a major or total loss
to your dwelling exceeds your coverage limits.
Protect Yourself: Optional Landlord Protection liability
insurance options protect you and your spouse or domestic
partner against personal injury, wrongful eviction, or
wrongful entry as well as other non-bodily injury claims
such as libel and slander. Talk to your agent about
available coverage levels up to $500,000.
Secret to Selecting the Right Amount of Coverage: The more
information you provide, the better they will be able to
create a landlord protection insurance policy that's right
for you. And if you want to reduce your premium, talk to
your agent about increasing your deductible.
Extra Coverage Doesn't Have to Cost a Lot: Many landlords
supplement their coverage with personal umbrella liability
insurance for broader protection. Talk to your agent about
the amount of coverage that's right for you.
Have you ever wondered the difference between landlord
insurance and the regular homeowner insurance coverage? If
you do not understand, you could have things really confused
and this could cost you a lot unless corrected. Let's see
First, let's look at the difference
between the two situations. I think that would be the easier
way to understand the difference in the two coverages.
If you own a home and live in it, then you would need a
homeowner insurance. If however you own a home but do not
live in it rather you have it rented out to a tenant, then
you would be needing a landlord insurance. These are the
Who is likely going to take more care of my
house? My tenant or me? That's one point. The insurer knows
you would take more care of your home because you have a
vested interest in it unlike a tenant who can simply pack up
and leave at the slightest urge.
If you live in your
home, then you can't make a claim on a damage done to your
property by you as your insurer would not honor the claim.
In fact, depending on the nature of the damage, you could be
charged with a criminal charge if you make a claim. However,
if one of your tenants caused a damage to your property you
would be able to make a claim and be paid. It would be
regarded as a malicious damage.
I am sure the above
points has shed more light on the issue.
how can you save money as you get what you need, a landlord
The first thing you need to be
aware of is that insurer put into consideration the type of
people you take in as tenants. You would do well to consider
more of professionals and people with a steady and
disciplined life style since this would impact positively on
your insurance rates.
Lastly, be sure to get and
compare as much quotes as you can. This is a sure way of
getting the cheapest possible landlord insurance rates.
GET A QUOTE: Call Toll Free (800) 707-4690