Rental Property Insurance
As the owner of rental property, it is your responsibility to protect it against potential risks the same way you protect your own home. Protection for your own house comes by way of homeowners insurance. However, rental property requires additional types of coverage. Fire, lightning, vandalism and theft are all real concerns for rental property owners and you may need dwelling coverage to provide appropriate lines of protection.
Dwelling fire policies are designed specifically for properties in which the owner does not personally reside. To qualify for a dwelling fire policy, your property must be one of the following:
- A single-family home or up to 4 unit dwellings
- Vacant dwelling
- A vacation, seasonal or rented home
Dwelling fire policies generally come in three forms: basic, broad and special. Each form carries a different level of protection. The type that is right for you will depend on the nature and use of your property and the various exposures you face. The agents at RDS Insurance Brokers will perform a cost-benefit analysis to determine the level of coverage appropriate for your rental property.
Habitational Risk Management
Landlords are ultimately responsible for the safety of their tenants and staff. Ensuring their safety by implementing risk mitigation strategies reduces the likelihood of costly claims and lawsuits. Taking proactive steps in applying those strategies allows landlords to position themselves against financial loss. Understanding appropriate building codes and standards, hiring licensed vendors and bonded contractors, and performing periodic safety inspections are all part of a comprehensive habitational risk mitigation program.
To learn more about recommended risk management strategies, including risk mitigation through a comprehensive dwelling fire insurance policy, contact RDS Insurance Brokers at 800-609-2126 or fill out the form on this page.