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Coverage Options for Landlord Insurance

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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

• 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
• 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.
• 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
• 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.
• 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.
• Falling objects - Like trees, the damage caused by these are not covered in the basic Landlord Policy. An enhanced policy is needed.
• 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.
• 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.)
• 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.
• Lock Replacement Coverage - A specified amount of coverage for when there has been a theft of keys for locks comprising part of the residence.
• 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.
• 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
• 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
• 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
• 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.)

• Related Buildings
• Usually the coverage on the primary building is extended to all covered out buildings.
• In some cases you may need to list every building specifically in your policy for proper coverage. Contact us at insurance@drickardinsurance.com or 607-843-8860 will help get this accomplished for you.
• Farm and business use buildings will be excluded from the standard policy and should be covered separately, often in a different policy.
• 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.)

• Contents
• 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 insurance@drickardinsurance.com or 607-843-8860 to reach us so we may build this valuable coverage for you.
• 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.)
• 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.
• 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.
• 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.

• 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 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
• 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.
• 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.)
• 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.
• 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:
• Wrongful Eviction Coverage.
• Wrongful Entry Coverage.
• Wrongful Detention Coverage.
• Malicious Prosecution Coverage.
• False Representation Coverage.
• Humiliation Coverage.
• Libel Coverage. Slander Coverage.
• Defamation Of Character Coverage.
• Invasion Of Privacy Coverage.
• 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.

• 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.
• Medical Payments Coverage Extentions may also be available when part of a package extension endorsement.

• Other Coverage Options
• 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
• Identity Fraud Coverage
• Mechanical Breakdown Coverage -
• Umbrella Coverage - See liability.

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