Homeowner’s, Renter’s, and Liability Insurance: What EXACTLY Do I Need?

–  Homeowner’s, Renter’s, and Liability Insurance:  What EXACTLY Do I Need?
As an investor, one of your top priorities is protecting yourself from loss. Real estate is a great investment, but only if you’ve prepared for the worst with the right insurance. Of course, knowing what that is can be a challenge; that’s why gathering information is an important first step to getting the protection you need.  There are many products relevant to real estate investments.  property real estate: Landlord or Investor insurance, landlord liability, umbrella, special perils, renter’s insurance, renter’s legal liability insurance. Each is different because they are designed to protect different things, including certain individuals based on ownership status.

Investment Property Insurance- Insurance designed to insure the property owner against loss or damage to the residence. This type of insurance provides coverage for damage to the home but NOT for a renter’s personal property. It’s different from a homeowner’s policy in that a homeowner’s policy is designed to protect the home’s owner, who resides within the property. For this reason, homeowner’s insurance is not designed to protect rental property owners or rental homes. While you have homeowner’s primary or even vacation home, If you decide to rent one, or  both, you need a different type of insurance, one that will protect you from the liabilities of renting out your home.

Liability- is a major component of landlord insurance. It covers losses that other types of insurance do not, including theft by residents, or deliberate damage by a resident, loss of rent, and even legal expenses to carry out an eviction, if needed. in short, liability insurance covers damage to your property.

Renter’s Insurance and Renter’s Legal Liability is a type of insurance policy that covers a renter and their personal property from loss or damage. The legal liability covers loss due to  negligent acts. Because of its limited scope, renter’s insurance does not cover loss or damage to the rental home itself, and is not sufficient protection for the investment property. While requiring your residents to obtain renter’s insurance is important, experienced landlords will also ask for a renter’s legal liability insurance.

While we don’t sell insurance. Real Property Management can help you determine how to best protect your property and financial well-being with the right insurance coverage. Protecting your investment and keeping them profitable is our top priority.

Real Property Management is the nation’s leading property manager. For over 30 years, Real Property Management has developed intelligent solutions for thousands of individual property owners, investors, tenants and Realtors.  What can RPM do for you? 

Matt & Thunder Pelton

Matt is an Ohio licensed Realtor with 20+ years experience in real estate, property management and currently is the Sales Manger at Real Property Management.  Matt offers pre-purchase consultations and BPO’s for investors and lending institutions.  You can contact him at 866.500.6200, via email ([email protected]) or on twitter @CincySalesGuy 

 

 

  

 

 

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.