Insurance Tips for Landlords
If you own a rental property you want to make sure that both YOU and YOUR PROPERTY or adequately insured. Here are a few tips!
- If you previously occupied a home but have decided to rent it out, you’ll want to change it from a traditional policy to a “Landlord” Policy. The difference is that with a Landlord Policy it will just cover the structure and not the contents. Your tenant should have renters insurance which will cover their contents.
- You’ll want to add liability coverage to your policy. This is usually expensive and will cover you if a tenant ever claims damage or injury as a result of your negligence. You’ll want a minimum of $100K coverage (liability) and if you have a pool you’ll want a minimum of $300K coverage.
For additional tips or insurance referrals, feel free to contact us!