Other Types of Properties Covered | Coverage Options | Savings Ideas | Tools for Landlords
Has your insurance agent explained your options are, what may be a concern, and what you can do about it? Was care taken to design the policy that is correct for your needs and circumstances?
Take a look at the considerations we make when creating your insurance policy below. Contact us insurance@drickardinsurance.com or 607-843-8860 and we can work together to find the insurance policy that works for you.
Why get your income property insurance from DRickard Insurance?
- We have an income property team that focuses on working with a variety of types of landlords that helps us have create ideas how we can insure you property they way you want it insured.
- You're the boss approach to insurance policy creation. In many cases you tell us about the property and the amount you want to pay for insurance and we create a policy that fits your budget.
- Choices, choices, choices! We work with many insurers who want to write landlords insurance policies. In order to compete they offer different options than their competitors. So when you work with us you get all of those options.
- Savings ideas galore! Each property is probably unique while each landlord is definitely unique. That said, everyone needs consideration for what can be done to save money. We have piles of premium saving ideas.
- Experience, every member of our income property team have years working with landlord insurance needs. It will be hard to surprise us with a situation, but you can always try. When you do, you might be surprised and happy with the solution we arrive at together.
Name Your Coverage Amount Without Penalty
The following chart demonstrates some commonly created policy types issued by a variety of insurers. Not every option is available for every insurance company. This part can get confusing, so we invite you to call us so we may work together to create the policy that you choose.
1-4 Family Coverage Options Chart Coverage Dwelling Fire Landlord's Basic Landlord's Broad Landlord's Special Fire ü ü ü ü Lightning ü ü ü ü Explosion Optional ü ü ü Windstorm Optional Usually ü ü Hail Optional Usually ü ü Smoke Optional Usually ü ü Riot or Civil Commotion Optional Usually ü ü Vehicle Optional Usually ü ü Aircraft Optional Usually ü ü Sinkhole Collapse Optional Usually ü ü Volcanic Action Optional Usually ü ü Vandalism Optional Optional ü ü Glass Breakage Optional ü ü Weight of Ice and Snow Optional ü ü Falling Objects Optional ü ü Rupture Optional ü ü Collapse Optional ü ü Freezing Optional ü ü Electrical Discharge Optional ü ü A Change to Open Perils Optional ü Freedom Settlement Optional Optional Optional Theft of Building Optional Optional Optional Optional Outbuildings Optional Usually Usually Usually Contents Optional Optional Optional Optional Disappearing Deductible Optional Optional Optional Optional Water Drain Back Up Optional Optional Optional Optional Loss of Rents Optional ü ü ü Service Line Optional Optional Optional Optional Liability Optional Usually Usually Usually Personal Injury Liability Optional Optional Optional Optional Medical Payments Optional Usually Usually Usually NOTE: Not every coverage option listed in this chart is available from every insurance company. Contact us so we may search for you to find choices that you feel will fit your needs. Read your policy carefully for the definition and limitations of all coverage options.
- Building
- Your main building will need specific coverage. In some cases you may not want additional coverage. We have insurers that will do this. Need more details? insurance@drickardinsurance.com or 607-843-8860.
- Deductibles are the amount you choose to pay first before the insurer starts to pay its portion of the eligible loss. Deductible apply to each loss and each building. Often the deductible you chose will be automatically applied to every building insured on the policy.
- Causes of loss that are paid for may be itemized or packaged into your policy as a group. This can get confusing. It is best to have a conversation. For instance, if you have the most basic and perhaps the most common policy we see there is no coverage for tree falling on the house, water damage, and glass coverage is very limited. With so many concerns, it is best to talk with a live agent. Fortunately we have them. Put them to work for you insurance@drickardinsurance.com or 607-843-8860
- Theft - What? Theft of Building? Yes, Theft of Building is something we strongly encourage. We have seen an increase of theft of copper and other metals as well as fixtures. Since many times we build some of your appliances and the equipment to service the residence into the building coverage, for theft of these things you will need Theft of Building Coverage.
- Vandalism
- Loss Settlement Options from Replacement Value, Actual Cash Value, Market Value and Agreed Value. What is right for your? insurance@drickardinsurance.com or 607-843-8860
- Related Buildings
- In some cases you may need to list every building specifically in your policy for proper coverage. Contacting us at insurance@drickardinsurance.com or 607-843-8860 will help get this accomplished for you.
- Contents
- Items to be covered in this category include appliances you supply, furnishings not part of the building and your equipment used to care for the building, kept on the insured location. Most policies do not come with this coverage. Use the insurance@drickardinsurance.com or 607-843-8860 to reach us so we may build this valuable coverage for you.
- Loss of Rents
- Many landlord policies only include 10% of your primary building coverage as your loss of rents coverage. Often we find our landlords are better served by getting the exact amount of coverage they need specifically items in their policy. Please reach out to us to provide this service. insurance@drickardinsurance.com or 607-843-8860.
- Liability
- Coverage for bodily injury or property damage at the insured premises. The limits we can offer range from no coverage to millions, by combining policies. We regularly write $1,000,000 limits of coverage and often the customer is surprised at how easy and affordable the high limit of coverage is. Let us create a proposal for you today. insurance@drickardinsurance.com or 607-843-8860
- Personal Injury Coverage is the coverage you need to cover damage that is not of a bodily or property nature. There are many nuances to this type of coverage. Many landlords are suprised when they find out the most common landlord policy configurations do not include this coverage. If you are ever accused of causing a personal injury, you will be glad you included this coverage, so your insurer will be motivated to defend you. For details contact us at insurance@drickardinsurance.com or 607-843-8860.
- Wrongful Eviction Coverage is often available to our insurance customers. Contact us to see if you qualify. insurance@drickardinsurance.com or 607-843-8860
- Wrongful Entry Coverage is often available to our insurance customers. Contact us to see if you qualify. insurance@drickardinsurance.com or 607-843-8860
- Medical Payments
- Medical Payment coverage is designed to reimburse an injured persons actual medical expenses. (Not the owner or the owner's employees.) We would guess if you look at the policy you have now the limit of this coverage is only $1,000. Now, think about it. What do you know of medical bills. Your right, we do not think that is enough coverage either. Let's see if we can surprise you how inexpensively we can increase this coverage on your policy. insurance@drickardinsurance.com or 607-843-8860
- Other Coverage Options, Addendums, and Endorsements
- Building Theft Coverage - Many times building theft coverage is not included in Landlord Insurance Policies. Even when you buy a Special Form Landlord Insurance policy (one of the best types) you very likely will not have this coverage. You may well think "Why do I need this? Who is going to steal a building?" That is a good question. However it is too late to add this important coverage when someone steals all of the copper out of your building. The other permanently installed building materials that have recycling money potential. Many times this coverage is not available from insurers. However, we have found several insurance companies that will agree to provide this protection. You may be surprised to see how inexpensive it can be. So, contact us so we can custom design a policy that fits you. insurance@drickardinsurance.com or 607-843-8860
- Disappearing Deductible - Simply the larger the claim the lower the deductible. In some cases the deductible will disappear. This is a great tool for landlords who want higher deductibles to save money because they are primarily worried about the big losses and will fix the small ones themselves.
- Equipment Breakdown Coverage - Applies to may pressure and electrical systems as defined by your insurer and is quickly becoming a standard offering from most insurers.
- Multiple Locations - If you have several locations deeded in the same name, for simplicity sake, we may be able to create one policy covering them all. While this sounds like a good idea, care is needed to avoid losing coverage. We can help you with this when you contact us insurance@drickardinsurance.com or 607-843-8860
- Service Line Coverage aka Sewer Line Coverage - Underground utility coverage covers your buried pipes and electrical services from many causes of loss including collapse and wear and tear. This is coverage that is ussually excluded on standard landlord insurance policies. More>>
- Water Damages Coverage - This is most commonly called Back Up of Sewers and Drains Coverage. Damages caused by the back up of water through sewers, drains, or failure of a sump pump. This is not a standard coverage, so unless you have asked for it, chances are you do not have it. This type of coverage is not Flood Insurance. For more information about this coverage and the limitations in the various policy forms that provide it, please contact us. insurance@drickardinsurance.com or 607-843-8860
- Freedom Settlement Option - This rare option allows you to choose building coverage amounts below 80% of the replacement cost and still have all eligible losses to the building to be settled at replacement cost amounts and not at actual cash value. This gives you the freedom to choose your coverage amount without sacrificing settlement options. Call us so we can show you how to build this into your coverage selection.