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Insurance For a Rental Property – “What You Need To Know”

Article by Eric Madrid









Rental property insurance is very different than a homeowner’s policy. A standard homeowner’s insurance policy will not cover a rental property, as there are special considerations that you will need covered. Some landlords lie to insurance companies and tell them the property is owner occupied. Don’t do this! This is very risky, and could put you in very hot water.

How is Rental Property Insurance Different from Homeowner’s Insurance?

Homeowner’s insurance covers your house and the contents within. Rental property insurance covers the structure but it does NOT cover the tenants contents unless there are items that you will be providing for the tenant’s use (such as furniture.) Also, rental property insurance focuses more on liability and protecting you from lawsuits. Finally, there are clauses in most rental insurance that will protect you from the loss of rental income.

Why Your Tenants Need to Have Renter’s Insurance

It is a very good idea to require your tenants to purchase renter’s insurance. Your homeowner’s insurance does not cover your tenant or any of his or her possessions, so it’s really in their best interest. This insurance will also protect you from being liable for any health or property damages that your tenant may try to blame on you, as those items are covered. They will be compensated, and the tenant will not need to seek legal action against you.

Deductibles

If this level of insurance seems a little expensive for you or your tenant, then you can always try to obtain a policy that has a high deductible but a low premium. This works very well if you’re trying to protect a large number of relatively cheap items. On the other hand, if you or your tenant has some very expensive items, you will want a policy with a low deductible. Assess your needs and purchase a plan that’s right for you.

Final Thoughts

If both you and your tenant have the proper rental property insurance, then there is very little that won’t be covered in case something gets destroyed or stolen. You’ll also be covered from liability in the case of injuries or defects in your property. It’s always better to be safe than sorry, so know what you’re getting into if you decide to skimp on insurance. I highly recommend adding an umbrella policy to your regular home owners policy. This will give you even more protection from tenant lawsuits.

*If you enjoyed this article and would like to learn more then visit my website by clicking on the following link Working-Landlord.com



About the Author

I’m Eric Madrid – owner of working-landlord.com, Real Estate Investor, Landlord, Aircraft Mechanic, Author, Husband, and Father. As you can see I wear many hats, just like a lot of other landlords.










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Groninger Insurance Connects the Pennsylvania Community through Social Media

Groninger Insurance Connects the Pennsylvania Community through Social Media












Northumberland, PA (Vocus/PRWEB) January 06, 2011

Groninger Insurance has proudly launched an interactive social media strategy geared toward strengthening both business and personal bonds within their local community. With the unveiling of their personal blog – MoneySavingInsuranceTips.com – Jon and Jim Groninger hope to serve both the insurance and social needs of their neighbors.

The fresh new blog will allow members of the surrounding Pennsylvania community to conveniently access relevant insurance advice as well as local community happenings. From video clips and accompanying links, to personal greetings and insurance tips from both Jon and Jim, the new Groninger Insurance blog is bound to provide Pennsylvania residents with truly valuable information.

The blog will include access to content regarding both general and specific insurance requirements. Whether a resident is searching for comprehensive rental property insurance or information about a more distinctive Pennsylvania plan such as used auto dealer insurance or garage keepers liability, Groninger will use their expertise and knowledge to affectively address the needs of their community.

This revitalized approach to connecting with local consumers comes with Groninger’s mission to not only continue to serve their loyal customers but to expand their service for all of those in need of reliable coverage. Their revamped blog also comes with collaborative links to the agency’s various other social accounts, such as Facebook and LinkedIn, as well as allowing the visitor to grab a hold of some advanced insurance knowledge via the Groninger Insurance Newsletter. Current and potential customers can now receive in depth, community-centered insurance information right at their finger tips.

By appealing to the modern consumer, through the use of social media tactics, Groninger Insurance anticipates bringing a more modern feel to the way in which the agency engages with and markets to its surrounding community.

About Groninger Insurance: Groninger Insurance is based locally out of Northumberland, PA—proudly serving Erie and all of Pennsylvania’s insurance needs. Led by Jon and Jim Groninger, Groninger Insurance prides itself on its dedication to the local community and its customers, by offering expert insurance strategies for Auto, Home, Business and Life lines, which are sure to save clients valuable time and money. Additional policy and coverage information is available at http://www.groningerinsurance.com/

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Rental Properties Insurance Needs to Have Coverage for Loss of Earnings

Article by Matt Dhaliwal









Are you able to Save Money On Rental Properties Insurance by Not Acquiring Loss of Rent? A lot of people wrongly assume that they can lower their charges with rental properties insurance if they do not take coverage for loss of revenue. They may possibly indeed pay a bit bit much less, but the value of this coverage kind is enormous. It really is actually worth to pay some further pennies for ensuring your economic stability in situation you lose your rental income. When Is Rental Properties Insurance with Loss of Rent Coverage Required You may be relaxed understanding which you already have rental properties insurance and that what ever may well go incorrect is beneath cover. This may be correct, but in case you do not also have coverage for loss of income, you may find yourself in financial difficulty. Picture which you personal four condos in an apartment building. A fire takes place in a single of them due to the fact the tenants weren’t paying interest to what they had been cooking. The firemen arrive inside a matter of minutes, tenants usually are not hurt, but the fire needs to be ended. The result is the fact that the firemen use water for carrying out this and in addition to damage from fire, you will also have damage from water. You won’t be concerned an excessive amount of because insurance is going to pay for the repairs. This may well be genuine, but repairs are not made inside a blink of an eye. You will need time to locate contractors and to acquire constructing permits and you also depend on climate. Typically the repairs are going to take at the least two months. They’re able to even final half a year or more. Regrettably, tenants cannot reside in your condos anymore and also you will not obtain any cash until the creating is completed. You’ll need to find new tenants as well as even though the developing may look excellent, the six or much more months with out rental revenue may have been devastating for you. If you have to pay mortgage, the bank is not thinking about the truth that you just have lost your earnings. Getting coverage for loss of rent can avert this from taking place. In case something happens to your property, you may acquire your typical revenue from the insurance company until the repairs are carried out. This would be a great relief. How you can Really Save Income on Rental Properties Insurance You don’t must quit on correct coverage to be able to save funds on rental properties insurance. The premium that you need to pay is strongly connected with how risky your properties are. You’ll find insurance firms specialized in high danger properties. These may possibly offer you better rates than other people. However, ensure you go into company having a respected insurance business. You can even save money on rental properties insurance in the event you lower the danger connected along with your property. You can do this by installing security devices, smoke detectors; alarms, sprinkles, etc. Do not neglect the significance of fire escape locations. Small particulars can make massive variations with regards to insurance premiums. Also keep in mind that the more claims you file, the higher your premium will probably be. Don’t file claims for little issues that may be easily paid from the pocket. Ask your agent about more suggestions on lowering the cost of rental properties insurance.



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