Rental Property Insurance
As an owner or residential rental property you know that just like any business you need to protect business assets and income stream against unforeseen events. Dwelling or Condominium insurance policies can be used to do this.
With Rental Property Insurance you can repair damage to the building, replace its contents and lost rental income as well as provide liability insurance and medical payments for injuries of non-residents of the property.
While residential rental properties can be covered by commercial package policies, this page focuses on coverages provided by Dwelling and Condominium policy forms. Generally, this is the preferred method of insurance for investors with a small number of properties. Information on commercial package policies is found in the commercial insurance pages of the Avalon Insurance website.
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Single Family Homes
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Single Family Homes or Town Homes
There is a tremendous variation in Rental Property Insurance written for these types of rental property. Since insurance companies offer so many options insureds can find coverage that works best for them. This variety also helps investors find coverage that is most economical for their business models.
The types and ages of dwellings, property values and whether the investor will do most repairs in house or use outside contractors to maintain properties can affect what coverages are needed by or available to an investor.
The Agents of Avalon Insurance are very knowledgeable about the requirements of the residential rental business and we know what coverages are available from different insurance providers. All this means that we are very experienced at matching an insurance plan with your needs as a landlord.
Rented Condominium Insurance
Generally, the same condominium policy is used to insure a condo whether is occupied by tenants by the owner. You must declare the rental usage and add a rider to the policy called “Condominium rented to others” for an small additional premium.
You can save money by adjusting the personal property coverage on the policy depending if the unit is unfurnished – you only need a minimum amount of personal property coverage. If the unit is furnished, then you will need insured to the full value all your furnishings.
We recommend that landlords require tenants to have a Renter’s policy of their own with the landlord listed as an additional insured. This can help you avoid a claim when the tenant has caused damage to your condominium or to another unit in the building.
Insurance for Duplexes, Triplexes and Quadruplexes
Any residential rental property can be covered by commercial insurance. Sometimes that is the only way to go. Most often with individual residences or duplexes up to quadruplexes we can use policies very similar to a homeowner’s policy to do the job. For buildings with more than four units only commercial package policies can be used unless the unit is part of a condominium or Townhouse complex.
Investors can have a complex array of properties to insure. Mixes that include different property types and properties located in different parts of the state where some companies are less competetive. This can make for quite a puzzle in trying to find the best coverage and the best possible price. Because not all properties may be fit under one policy or type of coverage.
Arriving at the best mix requires an agency like Avalon Insurance that knows your business and knows where and how to find the best options.
Estate Property Insurance
An insurance policy is a contract between the insurance company and the insured. When the insured passes away it is very important that your agent is contacted so that insurance coverage can be maintained. If coverage was in the in the name of more than one insured, then the only thing to be done is notify the company so that the deceased name can be removed from the policy and that the premium continues to be paid. If no named insured is alive the policy will need to be rewritten.
Dealing with the affairs of a deceased loved one is very stressful. Property insurance is often overlooked, leaving the Estate Property unprotected because it is assumed that the insurance will continue.
Avalon Insurance can provide you with the care, experience and expertise to assist you with your Estate Property insurance needs.
Short Term Rental Insurance, AirBnB, VRBO
Many landlords may not realize that their current rental property insurance excludes coverage for short term rentals, AirBnB and VRBO properties. Many older policy forms require annual rental agreements, limit the number of tenants per year or have a minimum length rental period. All to eliminate vacation rental exposure.
We recommend that our insureds adhere closely to the requirements if they exist. Claims adjusters are trained to discover when properties are not in compliance. Insurance companies are in business to make money. Do not give them a reason to deny your claim. Especially when having the right insurance is so easy to do.
Avalon Insurance represent several companies that specialize in Short Term Rental Insurance and insurance for AirBnB and VRBO properties.