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Rental Property Insurance
Rental property insurance is important not only to the property owner who's renting out, but also to the tenant who rents the property. It really is not enough for a property to be ensured by the landlord or the property owner as the landlord's insurance will usually cover only the building or the contents of the building that the landlord owns. The landlord's insurance will definitely not provide coverage for your personal belongings nor will it cover injuries incurred by your guests.
Why You Should Get Rental Property Insurance
Don't think that you don't need protection just because you're only renting your place of residence. You don't have to be a homeowner to be concerned of your home and your personal properties. In fact, anyone renting can easily qualify for rental property insurance.
Rental Property Insurance Coverage
Rental property insurance policies offer many types of coverage. You should learn as much as you can about these coverage types, so you can decide which is most appropriate for your situation. You should also ensure that you get enough coverage for any circumstance that might come up.
Below are some of the coverage types you can choose from.
- Personal property: This coverage provides protection for your personal property, such as clothes and furniture. This coverage can also include your personal belongings when you're away from home or traveling.
- Loss of use: This coverage provides for your living expenses if you are unable to live in your home due to an insured loss. Coverage includes food and shelter for the period that your home is being repaired or replaced. Duration of coverage can be up to two years.
- Personal liability: This coverage provides for your legal obligations if an injury has been incurred or a property has been damaged in your home.
- Medical payments to others: This coverage provides for the medical expenses of injured guests in your home. This coverage does not include payments for injuries that you incur, nor does it cover injuries incurred by other family members who live with you.
Rental Property Insurance - Some Considerations
When availing of rental property insurance, you should decide whether to insure the place you are renting at the replacement value or at the actual cash value. Insuring at the replacement value pays out the total amount of the property regardless of depreciation. On the other hand, insuring at the actual cash value pays out the amount of your property after depreciation.
Rental property insurance is affordable, considering the amount of coverage you get. However, be clear on the terms of your rental property insurance policy, and know exactly what's included in your coverage.
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