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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.
What Everybody Should Know About Cheap Home Contents Insurance
Article by Insurance guy
Home contents insurance can actually be very costly but one can cut costs to get cheap home contents insurance. It all depends on how much items in your household you want insured.
Home contents insurance is just as important as the home insurance that comes along as a requirement with the mortgage. It helps us recover from losses that could be devastating without insurance. Theft, burglary, these petty crimes are rampant these days. We are still feeling the effects left behind by the global financial crisis so it’s expected that crimes like these get higher and higher daily in highly urbanized areas. If we don’t have the contents of our homes insured, we could pretty much have difficulty recovering from the losses we incur from burglary or theft and even the devastating natural calamities like angry hurricanes.
Sure, home content insurance don’t come cheap. Costs on home contents insurances can be cut low, however. Read on and you’ll find how cheap home contents insurance can be achieved.
First tip is to make a list of all those you want insured in your home. Prioritize those you find most important say perhaps a vault with all your important documents in it. Other things like jewellery, if you have a lot, could also be added in the list. Your flat screen television could even be included. Just make sure that those on top of your list are the items with the highest value else it’ll defeat the purpose of getting cheap home contents insurance.
After completing the list or inventory, you can begin looking for home contents insurance quotes. A lot of insurers have already gone online. They have put up websites where you can find quotes on home contents insurance premiums. These websites also tell you how reliable the insurers are so make sure to read carefully on them. If there are some insurers in your area, you can go to their offices to get a copy of their quotes for home contents insurance premiums.
Compare the home contents insurance quotes you collected. Choose which one asks for a fee that’s well within your budget. When you find one, check if their insurance fees for extra items are cheap as well. Often times it’s the extra items for insuring that could cost you a fortune. Make sure that your chosen insurance premium and the extras you’re willing to pay for can be paid for by your budget. A budget, when it comes to looking for cheap home contents insurance is just as important as the inventory you make.
You’re ready to get the cheapest home contents insurance among your choices. Make sure you made the right decision in going with one insurer. You can never be too sure so it helps if you get to know more about their services.
Home contents insurance is difficult to come by especially when you’re looking for cheap ones. You just have to be diligent.
About the Author
If you’re interested in information about cheap contents insurance, please click on the link.
What Every Business Should Know About Commercial Building Insurance
Article by Laura Bacho, CPCU
Commercial building insurance is insurance designed for businesses which own or rent a building. Coverage can be obtained for buildings intended for commercial use or apartment buildings or commercial condominiums. All buildings face the possibility of damage from a number of causes such as fire, theft or natural disasters such as hurricane. The building insurance protects the business from having to bear the financial burden of such losses.
Commercial building insurance can be written as a stand alone policy which only covers the building or as part of a commercial package insurance policy which can offer additional coverage for business contents insurance and business liability insurance. Which type of insurance policy is written for a commercial building depends on the needs of the insured and the willingness of an insurer to offer additional insurance for contents or liability.
What Types of Losses are Insured in Commercial Building Insurance
Commercial property insurance is usually written on either an “all risk” policy form or a “named perils” coverage form. Most insurance brokers recommend the all risk policy because the coverage is more broad. Also called the “special form”, the all risks policy will cover all losses to a commercial building unless a specific cause of loss is excluded in the insurance contract. One common exclusion would be flood. There are other exclusions which are standard and others which may be excluded by a policy change imposed by the insurance company.
The named perils form only provides coverage for causes of loss which are specifically named in the policy. Standard insured causes of loss are fire, lightning, explosion, and collapse (with some conditions). The named peril policy is broad enough for most commercial buildings; nevertheless, the coverage is limited. As a result, it is not recommended unless the all risks form is unavailable to the commercial building owner for some reason.
Does Commercial Building Insurance Cover Business Contents?
Even landlord businesses have some personal property. Business contents or business personal property are assets of the business as well. It is recommended that a business to insure business contents in conjunction with the building with the all risks form, if possible.
Does Commercial Building Insurance cover Business Liability?
It is highly recommended that commercial building owners carry commercial liability insurance. Without liability insurance, a business would have no protection or defense cost reimbursement if the business was sued for something that happened at the building. There are benefits from a premium standpoint to get the liability insurance issued in conjunction with the property insurance. Called the “package discount”, the premiums for both policies might be lower than having separate policies.
The cost of insurance is a fraction of the cost of replacing or repairing a business building alone. Protecting real assets and tangible property from loss should be a primary goal of all business owners. Premiums for commercial building insurance run the gamut; so business owners should be careful to get a number of quotes at least 90 days ahead of the renewal date. With this information in hand, getting a great rate on great commercial building insurance can be one less thing for a business owner to worry about.
About the Author
Commercial Building Insurance is essential for most businesses. Visit The Coverage Geek to learn what questions to ask your agent and what to demand. Take back control of your commercial insurance program.