Rental Property Insurance
Rental Property Insurance Information
Do you own rental property in New York? You've got a lot invested in your rental property. Not just your money, but your time. And since an ordinary condo policy or homeowners policy won't cover you, you should consider the specific protection of a rental dwelling policy. Whether you are renting your house, a vacation home or an investment property, rental property insurance is an important safeguard against the financial risk associated with tenants living on your property.
Rental Property Insurance Coverage
Rental property insurance covers the unique risks taken in renting out your home or condo for long periods of time. The coverage includes property damage, liability costs and loss of rental income for landlords renting their property.
Similar to homeowners insurance, rental property insurance covers physical damage to the structure of the rental property, whether it be a home or apartment. For example, it will cover damage to the walls and roof. It does not include personal items of the tenant. The tenant needs to insure their personal belongings with a renters policy. Coverage only extends to damage caused by a covered peril such as fire or lightning.
This coverage will protect the landlord from the legal and medical costs associated with someone being injured on the rental property. If a tenant or a visitor is injured on the property, and the landlord is deemed responsible for the injury, rental property insurance can cover these costs up to the policy limits.
Coverage for the Landlord's Personal Property
Rental property insurance does not cover the tenant's personal property, but it does often include coverage for items left onsite by the landlord. For example, if you left a lawnmower at the rental property and it is damage by a fire, then the damage to the lawnmower would be covered by your rental property insurance.
Loss of Rent Coverage
This coverage provides against lost rent payments if the property rented by the landlord is uninhabitable due to a covered peril. Coverage will generally extend to a defined period of time, such as 12 months.
Let us help you find the right coverage
At Pepe Insurance, we work with top rental property insurance companies and compare options to find the best balance of cost and coverage that meets your needs. We help you compare options, look for discounts, and focus on maximizing your coverage in a way that fits your budget.