Income Property Insurance

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

Frequently Asked Questions

What insurance do I need to rent out to others a single or up to four family home?

Answers:

The answer really depends upon your situation. However the usual needs of a landlord a 1 - 4 family house are best served in a specialized Landlord Policy. Landlord Policies are designed to cover the residence building, outbuildings, loss of rents, and a variety of liability issues that landlords have. Landlord policies are generally more expensive than homeowner policies. So, you might be tempted to buy a Homeowners insurance policy instead.

CAUTION: A Homeowner's Policy would not be the correct choice for since if you do not occupy the residence and the coverage would be reduced or you may be penalized at the time of loss.

SOLUTION: Let us design your the correct policy with you. Communicate to us your situation and give us all of the facts, even the ones you think the insurance companies may not like, and you may be happily surprised with the Landlord Insurance custom tailored to fit your needs.

A basic landlord policy includes coverage for the building, other personal use buildings on the property, very limited loss of income, and some liability coverage. Once the limitations of a basic policy is explained, most of our customers decide that more is needed. Follow this link for more information about landlord insurance coverage or contact us at 607-843-8860 or insurance@drickardinsurance.com to discuss what type of insurance protection will be right for you.

A related question: Can I continue my homeowners insurance on a home that I have moved out of and now rent to others?

If you do live in one of the apartments in an up to four family house you are better served with in a Homeowner's Insurance Policy. Not every insurance agency is able to get you one of these policies, so you should contact us to work on this specialized option together.

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

Sign up for our Landlord Newsletter to get many helpful tips on how to make sure you are covered and save money on your landlord policy!