Whether you have one rental property or multiple, rental property insurance is a must! Rental property insurance covers more than just the home.
Dwelling Coverage: To pay for covered repairs or the reconstruction of the dwelling or other structures on the property. Different companies offer coverages on the property itself.
Loss of Rents Coverage: This coverage reimburses you for the fair rental value you may loose after a covered loss that causes the property to be uninhabitable.
Liability: This coverage protects your liability from injury to another person or damage to others property. This is a must have coverage if you own rental properties.
Replacement Cost Coverage: This is a coverage term that you want to make sure is included. Replacement costs means your policy will rebuild a similar home. Some policies are written on an actual cash value basis. This means after a loss your policy will give you the value of the dwelling at the time of loss.
Why is Rental Property Insurance a Must Have?
First you want to make sure the property itself is protected. If you have a loan, the mortgage company isn’t just going forgive your balance if there is a major loss or damage to the property.
Next we have one of the most important, liability coverage. The liability coverage can help covered injuries to others that you are found responsible for. Let’s say you have a handrail that comes loose and causes a tenant to fall. You may be held responsible because it is the landlords responsibility to maintain the property.
At Millennium Brokers we offer Rental Insurance with Multiple Companies to help you compare rates. If you are looking for rental property insurance you can get a quote started with the form below or give us a call at 417-773-7822.