Coverage Options for Income Property Insurance

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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 at 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 | Name Your Coverage Amount Without Penalty | Discounts

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
Lightning
Explosion	Optional
Windstorm	Optional	Usually
Hail	Optional	Usually
Smoke	Optional	Usually
Riot or Civil Commotion	Optional	Usually
Vehicle	Optional	Usually
Aircraft	Optional	Usually
Sinkhole Collapse	Optional	Usually
Volcanic Action	Optional	Usually
Vandalism	Optional	Optional
Glass Breakage	Optional
Weight of Ice and Snow	Optional
Falling Objects	Optional
Rupture	Optional
Collapse	Optional
Freezing	Optional
Electrical Discharge	Optional
A Change to Open Perils	Optional
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
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? Contact us at 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 by contacting us at 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 you? Find out by contacting us at 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. Contact us at insurance@drickardinsurance.com or 607-843-8860 so that 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 at insurance@drickardinsurance.com or 607-843-8860 to provide this service.

• 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. Contact us at 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 at insurance@drickardinsurance.com or 607-843-8860 to see if you qualify.
    • Wrongful Entry Coverage is often available to our insurance customers. Contact us at insurance@drickardinsurance.com or 607-843-8860 to see if you qualify.

• 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. Contact us at 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 at insurance@drickardinsurance.com or 607-843-8860 so we can custom design a policy that fits you.
  • 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 at 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 at 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.