Protect Your Rental Properties with Landlord Insurance
Rental property investments should be protected with Landlord Insurance coverage designed for rental property owners.
Hazard Insurance, Rental Home Insurance, Landlord Insurance and Dwelling Fire Insurance all refer to this valuable insurance policy designed for 1 – 4 unit residential tenant-occupied dwellings.
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Landlord Insurance is generally meant to protect one to four unit rental properties; this would be inclusive of apartments, condominiums, and single or multi-family homes that you own and rent to others.
Insurance and Real Estate works similarly; Residential Property is comprised of 1 – 4 unit dwellings; Commercial Property would include any residential building of 5 or more units.
A Landlord Insurance Policy will help protect you financially from damages or injuries related to your insured rental property. Landlord Insurance Policies are designed for free standing 1 -4 unit dwellings; if you own and rent out a Condo or Townhome Unit, you would purchase an HO-6 or Unit Owner’s Policy instead.
The Landlord Insurance contract differs in many ways from the Homeowners Insurance contract; where the tenant-occupied property is deemed a higher risk, the owner-occupied property has a broader reach of coverage. These 2 very different forms of insurance are not an option; the correct form is necessary to cover the specific residential occupancy.
Customer Service is available via direct insurance company portals and tele-servicing centers for our clients and their mortgage companies.
Claims Reporting Service is available 24/7 directly online, via mobile apps and personalized telephone service.
More details available on our Policy Service tab.
HDA Insurance Brokerage is a certified and licensed National provider of home insurance and other insurance products online direct to the consumer public and via our institutional arrangement with mortgage providers. Since 1986, this Personal & Commercial Lines agency evolved into a national property insurance provider with a focused expertise in Homeowners Insurance, Landlord Insurance, Renters Insurance, Earthquake Insurance & Commercial Lessor’s Risk Insurance.
Landlord Insurance will cover a tenant-occupied 1 -4 unit structure for Damage to the Building, Damage to Other Structures on the Property, Loss of Rents due to a covered loss & Liability coverage for bodily injury or property damage on the premises.
Other than the fact that your mortgage lender requires Fire Insurance, Landlord Insurance (inclusive of Fire Insurance) is essential because it is the only form of protection from financial loss resulting from accidents, natural disasters, injuries and other liability issues associated with your rental home.
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The amount which is deducted from the pay out for each claim. A higher deductible will result in a lower premium and a lower deductible will result in a higher premium when shopping for insurance.
Theft of personal contents is usually covered under personal property coverage on Homeowners Insurance policies. In the case of rental properties, Landlord Insurance does not cover the tenant’s personal contents; thus it is the tenant’s responsibility to purchase Renters Insurance which will most likely offer coverage against Theft.
Since the rental of a property is a business endeavor by the Landlord, Landlord Insurance is a business expense. It is both a required expense, a necessary expense and an expected business deduction for tax purposes. Please ask your tax professional for specific questions which may pertain to this topic.