Rental Property Insurance in Indianapolis IN, Fargo ND, & Denver CO
When you are renting out your property, you can make a good amount of money—but you also face a lot of risks when it comes to disasters and financial loss. Letting someone else live on property that you own can lead to issues you may not have seen coming. Thankfully, there is insurance available to cover you.
At Reliant Insurance Group, we use our sources of top insurance providers to find and tailor a policy for your needs so that you can rent out property without worry. Renters have insurance options, so why shouldn’t you?
What Does Rental Property Insurance Cover?
Rental property insurance is also known as landlord insurance and is designed to cover the unique risks the property you rent out may face from tenants and other outside sources. A typical rental property insurance policy may include:
Contrary to what many renters think, a renters insurance policy does not cover the physical home or structure that is being rented out. Instead, whatever structure you are renting out (whether it be a home or an apartment) should be covered under rental property insurance. This covers the walls, roof and attached structures of the dwelling in case of damage or destruction due to fire, wind, lightning, hail, vandalism and more.
Landlord Personal Belongings
You are not responsible for insuring your renters’ personal belongings, but you should protect your own. Where renters insurance covers the renters’ personal items, landlord personal property coverage covers personal items you may leave on the insured property from fire, wind, hail, theft, vandalism and more.
As a landlord, you face a lot of liability risks, especially when it comes to visitor injuries on your property. If someone is injured on your rental property, you may be faced with a lawsuit. Liability insurance can cover the damages and injuries, as well as compensate you for legal fees in case of a claim.
Loss of Rent Coverage
Say a tornado sweeps through and damages over half of your apartments. Those apartments are now uninhabitable, meaning you will not be able to receive rent. Loss of rent coverage compensates you for a certain amount of time after a disaster renders the rental property uninhabitable.
Insure with Reliant Insurance Group
Our dedicated insurance agents are ready to answer any questions you have about your rental property insurance policy. We will make sure you get the policy that suits your property and your budget. Call us at 1-800-283-4225 or fill out an online quote form today.
Common Rental Property Insurance Questions
What Kind of Insurance Do You Need on a Rental Property?
It is recommended that you have plenty of property and liability insurance for your rental property. For more liability coverage, you can also add an umbrella liability insurance policy, which covers gaps in your other liability coverages.
How Much Does Rental Property Insurance Cost?
The cost of rental property insurance varies widely depending on your location, value of the property, claims history and more. On average, you may pay anywhere between $375 and $1,250 a year for rental property insurance.
What is Rental Property Insurance?
Rental property insurance is a type of property insurance geared for landlords. It is also known as landlord insurance.
How Do You Estimate Rental Property Insurance?
An easy way to calculate your rental property insurance is to add 25% to the amount you pay for homeowner’s insurance. This will help you get a general estimate for how much you will be paying for rental property insurance. Contact a Reliant Insurance Group agent today to figure out how much insurance you need and how much you can save.