Rental property insurance can also refer to as Landlord insurance policy. An individual as a homeowner are advised to ensure their properties since homeowners’ policy does not cover losses while your house is rented out. The homeowner should consult an insurance professional if he would like to lease his property or rent for a given period. Rental property policies cover for physical damage to the structure of the home caused by fire, lightning, wind, hail, ice, snow or other covered perils. One of the insurance plan that State Farm Insurance offers is the rental property insurance. If you are landlord one should get the right insurance cover.
Rental Property Insurance Coverage
The rental property insurance policy covers the residential rental property, other structures such as garages, sheds, etc. and items on the premise that you own. Landlord policies can be tailored so as to present specific insurance issues unique to one’s situation. The landlord insurance policy available options are as follows;
Liability policy is whereby if a claim is made against the owner for accidental damage to your property, the insurance company will act on your behalf and defend the claims made by the tenant and pay for those claims which you are guilty of about one’s policy limits.
Fair Rental value coverage
In Fair Rental Value Coverage Policy is when an individual’s property is declared unlivable due to several factors such as cracked walls, poor drainage and so on, the insurance company will reimburse you all the income you will lose since the tenants will no longer be paying rent for the property.
Inflation Protection Policy
Since the cost of making repairs is increasing day by day, inflation protection policy will automatically adjust individuals policy limits to keep up with inflation and ones receives discounts on policy premium.
Personal Injury Protection Policy
Personal injury protection policy is whereby a tenant makes a claim concerning injuries arising out of libel, slander, invasion of privacy, wrongful eviction or entry; the insurance company pays for the required sum of money on behalf of the landlord.
The multi-policy is a landlord policy whereby the property owner insures for both the property and car with the insurance company.
New/renovated home policy
In New or renovated home policy landlords qualify for discounts for homes which were recently renovated or which are less than ten years. Benefits of Rental Property Insurance: The majority of rental property insurance provides for additional benefits such as for emergency repair service, contractor network referral, several payment options, offering paperless bills/ documents and also managing one’s policy online.