Rental Property Insurance
Rental Property Insurance Quote Forms
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Rental Property Insurance Information
Renting out properties can be a profitable business. But just like any other business, the business owner—or landlord—has responsibilities to ensure their business’s success. One essential role a landlord has is to protect their rental properties, which is done by having the appropriate insurance coverage. Rental property insurance, commonly known as commercial property insurance, protects a rental property by covering the costs that may result from a covered loss.
What Does Rental Property Insurance Cover?
Rental property insurance may cover damage to a property’s structure and the landlord’s personal belongings, such as appliances or maintenance equipment. This coverage may also offer liability protection for legal or medical costs if a tenant or guest is injured due to a property maintenance issue. Coverage may also extend to loss of rental income if the landlord cannot rent their property because of a covered loss.
Rental property insurance is often supplemented with additional coverage that may offer cost savings later. Some of these other coverages include:
Commercial property insurance purchased by the landlord does not cover the tenant’s personal possessions. It only covers the building, other structures on your rental property and the landlord’s personal property.
How Much Is Rental Property Insurance?
- Building code insurance may cover costs incurred by bringing a building up to code after damage.
- Business interruption insurance helps cover lost business income if the property is shut down due to property damage.
- Flood insurance may help protect a property in a flood-prone zone since standard rental property insurance doesn’t typically cover losses due to flooding.
- Vandalism insurance helps pay for any damage done by vandalism. This is normally not covered under the property insurance, so if the building is in a place where this may occur, it is important to ask your insurance agent if it should be added to your commercial property insurance.
The cost of rental property insurance can vary. Typically, rental property coverage offers more protection than a standard homeowners insurance policy because rental properties carry more risk, which often means an insurance policy is more costly. We can evaluate your property, type of construction, age and location of your rental property to determine the cost of your insurance policy.
We Can Help
Rental property insurance is essential if you’re a landlord with rental properties. Proper insurance can protect your financial livelihood. Amato Insurance Group can help you with your property insurance needs. Call us at 252-633-3080 today to get started.
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