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Landlord Insurance Main Page
Has your insurance agent explained what 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?
Many times we are asked about the correct or different insurance when
you are renting your home out. What is correct and right for you
varies depending on your needs. However, unless you are living in
the one to four family home, Homeowner's insurance is never the correct
choice. We say this because in every home insurance policy we have
seen your coverage is decreased and limited if you have not occupied the
residence in over 30 days. So, you do need a policy that correctly
covers 1 - 4 family homes. The specific product designed to do
this is Landlord Insurance, a similar policy type is Dwelling Fire
insurance. Landlord is the better choice because of the
standardized coverage rather than needing to pick coverage a-la-carte.
Take a look at the considerations we make when creating your insurance
policy below. Keep in mind that not every landlord insurance
coverage option is not available from every insurer and some only come
packaged together with others. Each item is subject to unique
specifications and limitations that are spelled out in each insurer's
contract. Contact us
insurance@drickardinsurance.com or 607-843-8860 and we can work
together to find the insurance policy that works for you.
Building
Related Buildings
Contents
Loss of Rents or Use
Liability
Medical Payments
Other Options
Discounts
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Building
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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
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Automatic increase in Coverage -
sounds like an insurance trick to get more of your money?
However, this is a great idea when you insure your
building to replacement value. Due to inflation and
other factors the cost to replace your building increases
every year. So, if this coverage does not increase you
will have a rude surprise at the time of loss when you have
to pay your deductible and perhaps thousands more to make up
the difference in coverage vs. actual cost to rebuild.
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Causes of loss that are paid for may be
itemized or packaged into your policy as a group. There
are named peril policies that, even though they are the most
commonly sold, greatly limit the types of causes of loss that
will be paid for. The other class of policy is sometimes
referred to as an open peril or special form policy. This
type covers almost anything that may damage your property
except for those things specifically excluded from coverage.
Even after that you need to read your policy for the stipulations
and limitations it includes. 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
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Debris Removal -
Most landlord insurance policies include limited
debris removal coverage. The amount you will pay for
the removal of you destroyed property will decrease the
amount that you can use to rebuild your structure.
Since debris removal coverage usually has a specific limit
that may not be adequate, you may wish to increase this
coverage.
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Earthquake - is not
a coverage in the basic or generally even in the enhanced
Landlord Policies. It may be added by endorsement.
Even if it is, a tidal wave caused by the earthquake will
not be covered. Flood Insurance is needed for this.
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Falling objects -
Like trees, the damage caused by these are not covered in
the basic Landlord Policy. An enhanced policy is
needed.
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Flood - Is not a
covered cause of loss in any standardly written Landlord
Policy, even if it is enhanced. A separate Flood
Policy is needed and because of limitations in the National
Flood Insurance Plans you may need excess flood insurance.
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Foundations - REPAIR
OR REPLACEMENT OF FOUNDATIONS OR UNDERGROUND STRUCTURES - is
a specified amount for reasonable expense incurred in
repair, removal or replacement of foundations or underground
structures damaged by a covered loss occurring on the
insured premises. (Foundations and underground
structures are regularly excluded from coverage.)
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Glass - has limited
coverage in the basic policy. If you have specific
concern about the coverage for window or decorative glass
you will need to make sure this is addressed in your policy.
Additionally, you may need more specific coverage when
Safety Glazing is present.
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Lock Replacement Coverage
- A specified amount of coverage for when there has been a
theft of keys for locks comprising part of the residence.
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Ordinance or Law - A
specified amount of coverage per occurrence when loss or damage
caused by a covered cause of loss results in increased cost
from the enforcement of any ordinance, law, code, order or
decree. This is something that should be especially
considered at purchase of the policy when you are looking to
be able to replace a severly damaged structure.
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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.
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Vandalism
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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
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Loss Settlement options from Replacement
Value, Actual Cash Value, Market Value and Agreed Value. What is
right for you?
insurance@drickardinsurance.com or 607-843-8860
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Business activities in a building may
provide a reason for a property or liability loss not to be
paid. You should always disclose any business activity to
your insurer. If a permitted business activity is present
and disclosed, your insurer may make arrangements for the
building and the liability to be covered or other arrangements
may be made. (Business activities include but are not
limited to Daycare, Farming, Contracting, Sales, and Incidental
Offices.)
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Related Buildings
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Usually the coverage on the primary
building is extended to all covered out buildings.
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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.
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Farm and business use
buildings will be excluded from the standard policy and should
be covered separately, often in a different policy.
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Business activities in a building may
provide a reason for a property or liability loss not to be
paid. You should always disclose any business activity to
your insurer. If a permitted business activity is present
and disclosed your insurer may make arrangements for the
building and the liability to be covered or other arrangements
may be made. (Business activities include but are not
limited to Daycare, Farming, Contracting, Sales, and Incidental
Offices.)
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Contents
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Sometimes this may be referred to as
Landlord's Property Coverage. 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.
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Business activities in a building may
provide a reason for a property or liability loss not to be
paid. You should always disclose any business activity to
your insurer. If a permitted business activity is present
and disclosed, your insurer may make arrangements for the
building and the liability to be covered or other arrangements
may be made. (Business activities include but are not
limited to Daycare, Farming, Contracting, Sales, and Incidental
Offices.)
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Money and Securities Coverage
- A specified amount coverage for the loss of money and
securities used in your business because of actual destruction,
disappearance, or a dishonest act, when the loss occurs on the
insured premises. In most cases, because there is not
landlord office or storage of money at the tenant occupied
building this coverage is a non-issue. However, there are
some cases in 3 and 4 family homes when the landlord lives there
where this could be an issue. There are versions of this
coverage that include off premises losses. It is best to
contact us to find out if your insurer offers this coverage and
what the rules are.
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PERSONAL PROPERTY COVERAGE
EXTENSIONS increase the Coverage C amount of
insurance. The special limit for each category below is the
total limit per occurrence for all property in that category: a.
$200 on money, banknotes, bullion, gold other than goldware,
silver other than silverware, platinum, coins, medals and
numismatic properties; b. $1,000 on securities, commercial
paper, stamps, philatelic property, tickets, accounts, deeds,
evidences of debt, passports, manuscripts, unpublished works and
other valuable papers; (commercial paper means drafts, checks,
certificates of deposit and notes other than banknotes,
including negotiable orders of withdrawal); c. $1,000 on
jewelry, watches, precious and semi-precious stones, gems and
furs; d. $1,000 on grave markers; e. $2,000 on guns and gun
accessories; f. $1,000 on watercraft including their trailers,
equipment, accessories and outboard motors; g. $2,500 on
silverware, goldware, pewterware and items plated with gold or
silver; or h. $5,000 on motorized vehicles used exclusively to
service the insured premises or those designed and used
exclusively to assist the handicapped and not licensed for use
on public roads. The following property is covered only while on
the insured premises and is limited to the amount stated: i.
$1,000 on business property of any insured; or j. $1,000 on
dismounted camper bodies and trailers not used with watercraft.
This may be a particularly nice endorsement when you occupy a 3
or 4 family home and cannot other wise get this endoresment.
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VALUABLE PAPERS AND RECORDS - A
specified benefit coverage endorsement that per occurrence for
the loss or damage to your valuable papers and records. The
valuable papers and records are insured against risk of direct
physical loss by a cause of loss covered by the policy.
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Liability
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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
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Additional Insured - is a type of
liability coverage extension that provides liability
insurance to someone who is not the owner or a person
generally not considered an insured in the policy.
This clause is useful in cases where there is a buyer/seller
under contract situation.
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Farm and Business liability is not
included in the basic policy form. Special
endorsements must be added to include this protection.
Business activities in a building may provide a reason for a
property or liability loss not to be paid. You should
always disclose any business activity to your insurer.
If a permitted business activity is present and disclosed
your insurer may make arrangements for the building and the
liability to be covered or other arrangements may be made.
(Business activities include but are not limited to Daycare,
Farming, Contracting, Sales, and Incidental Offices.)
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Lead Liability - Is
excluded from most policies. This form of liability
coverage may be purchased on new construction or on properties
that can be certified lead abated. This type of loss is
one of the more common we have seen.
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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 surprised 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.
Protection usually included:
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Wrongful Eviction Coverage.
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Wrongful Entry Coverage.
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Wrongful Detention Coverage.
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Malicious Prosecution Coverage.
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False Representation Coverage.
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Humiliation Coverage.
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Libel Coverage. Slander Coverage.
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Defamation Of Character
Coverage.
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Invasion Of Privacy Coverage.
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Umbrella
Insurance - Funny for me to say every time is that this
is not designed to insure your umbrellas. It is a type of
liability insurance that sets on top of other policies to
provide higher limits of protection than the base policies allow.
This has become a greatly sought after since some insurer no
longer allows your personal umbrellas with them to cover income
or landlord properties. We give options for how you may
get higher limits of liability insurance coverage. One of
course is getting an umbrella to fit over your home, auto, and one
to four family homes you have rented to others. The other
and most frequently chosen option is for us to build you a
policy from the ground up that includes $1,000,000 or more of
liability coverage on the base policy. For details contact us at
insurance@drickardinsurance.com
or 607-843-8860.
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Medical Payments
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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
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Medical Payments Coverage Extentions may
also be available when part of a package extension endorsement.
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Other Coverage Options
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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
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Identity Fraud Coverage
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Mechanical Breakdown Coverage
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Umbrella Coverage - see
liability.
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