Rental Homes

Safeguard your investment property with top notch coverage and expert advice.

As with other residential insurance policies, the issues of all risk coverage, replacement cost limits, and optional extensions like sewer, water, earthquake and flood, are all important considerations for property owners to review with our advisors. However rental properties have a few additional considerations of note, when it comes to risk and insurance.

Coverage Considerations

  • Rental Income – Your rental home policy will provide coverage for the building, and for contents if applicable, but an additional property coverage is also needed for loss of rental income due to an insured loss. If a home is being repaired and rent not collected during this time, this extension will respond to replace that lost revenue.
  • Occupancy & Vacancies – It is crucial to always advise your broker immediately of any change in occupancy. The most significant example is advising immediately if the property becomes vacant. There are typically requirements for reporting the vacancy immediately, and for checking on the property when vacant, in order for valid coverage to continue. But it is also important to just advise of other material changes with your occupants. Additional rental suites, or changing from a single family tenant to a roommate situation is something that needs to be reported to your insurer.
  • One of the most important steps a landlord can take with risk management on rental properties is to obtain proof of tenants insurance from your renters. This not only means their belongings are properly protected, but it also means they have personal liability coverage, should the tenant accidentally cause damage to your property. It is very strongly advised that landlords make this a requirement in their leases or rental agreements.
  • Short Term / Vacation Rentals – As opposed to regular full-time monthly rentals, properties offered on platforms such as Airbnb or Vrbo are a completely different class, and not eligible for coverage on a typical rental home policy. However, a range of covberage options exist for this increasingly popular options for landlords. Ask us today about the unique considerations for your short-term rental property.