There are many risks you take when renting out your property to others, rental property insurance can usually cover those risks.
Our team has 20+ years of experience, is knowledgeable in investment properties, and will make sure you are properly covered to give you a peace of mind.
In addition to any personal property (such as furniture), and damage to the building itself, it may cover lost income if damages to the property prevent you from being able to rent it out and obtain income from it over a period of time. The policy may often include coverages for things such as a tenant trying to sue over injuries obtained on the property.
Rental property insurance is a specialty home insurance policy, for you, the property owner, instead of the tenant. It is similar to homeowners, but it differs as it covers the risk that you obtain renting out your property to someone else.
Policies usually do not cover loss of income if it's due to a tenant failing to make payments, no. Rental property insurance policies also usually do not cover the costs of having to evict a tenant.
There will always be unexpected risks in having investment properties and renting them out to others. Since you never know what to expect, that's why rental property insurance is so crucial. If you have any questions about rental property insurance, contact us to learn more.