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Income Property Insurance

Do you think you pay too much for tenant occupied property insurance?

Frequently Asked Questions

<More FAQs

What is the basic structure of a Landlord's Policy?

What does a Landlord Insurance Policy Cover?

Answer:

The rules for landlord insurance coverage vary from company to company. Therefore your actual coverage will differ from policy to policy. Below you will find a basic format of coverage common to many policies. Yet another reason to work with DRickard Insurance for your income property insurance needs.

1. Residence $100,000
2. Related Structures $10,000 (10% of coverage A)
3. Contents (Optional)
4. Loss of Rents $10,000 (10% of Coverage A)

12. Liability (Optional) $100,000
13. Medical Payments (Optional) $1,000

A better designed policy will usually differ from the standard design you see above. The following are just a few examples of Landlord Insurance Policy strategic planning and customization.

1. Residence – How much is the right amount to insure your home for? That all depends on what your strategy for your property is. If you intend to replace the residence if there is a total loss and you intend to replace the building with the same type and size structure using the same materials you need replacement cost coverage. NOTE: just because a policy or agent states that the policy is replacement cost does not mean that it will actually replace the lost property. Many times what insured's show us as their replacement cost policy is a policy that will only settle a claim without depreciation, but will not actually replace the residence. Understanding the options can be tricky, that is why you should contact DRickard Insurance at 607-843-8860 or insurance@drickardinsurance.com, because we seriously sell Landlord Insurance Products.
2. Related Structures – How much coverage should you have for these? Is there even another structure to worry about? Is it rented out or is there some business use of it? Is 10% enough coverage? Guidance is helpful. Put DRickard Insurance to work for you by contacting us at 607-843-8860 or insurance@drickardinsurance.com.
3. Contents coverage – You are right contents coverage is not included in the standard Landlord Insurance policy. What do you need to cover your kitchen range, refrigerator, washer, dryer, and furnishings? DRickard Insurance helps Landlord. Contact us today at 607-843-8860 or insurance@drickardinsurance.com so we can help you.
4. Loss of Rents – 10% of the building coverage is not enough in most cases to cover the loss of your rents. Let’s face it, just because you have had a loss at your building and it cannot be occupied does not stop the bills from coming in. You need to carefully consider how much coverage is correct for you. Also, how long is the insurance company going to pay the loss of income for your loss? What types of losses will they pay loss of rents for? The source for answers is, you guessed it, DRickard Insurance. Contact us at 607-843-8860 or insurance@drickardinsurance.com.

12. Premises Liability - $100,000 of coverage, really? $1,000,000 may cost less than $100 a year. Wouldn’t you sleep better with the higher protection? Some have said that half of the job an insurance policy does is supply peace of mind. $1,000,000 of coverage is a much softer pillow than $100,000 or even $300,000. What does premises liability mean? Get answers by contacting DRickard Insurance at 607-843-8860 or insurance@drickardinsurance.com.
13. Medical Payments – Medical Payment benefits in your landlord insurance policy reimburses persons who are injured on your property for related medical expenses. Therefore, considering the cost of health care, $1,000 is unlikely enough. At DRickard Insurance, we have found coverage limits of $15,000 per person. Contact us at 607-843-8860 or insurance@drickardinsurance.com.

Besides these benefits we strongly urge consideration of the variety of the covered causes of loss from policy to policy and the many, many enhancement endorsements that will protect the financial wellbeing of the landlord. These include:

• Replacement cost settlement at any coverage A value
• Disappearing deductible
• Ordnance of Law
• Demolition of undamaged structure
• Underground Service Line Coverage
• Personal Injury Liability Coverage
• Theft of Building
• Many More

For more information and to find out if your tenant occupied property qualifies for the insurance policies we have found please contact us insurance@drickardinsurance.com or 607-843-8860.

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