Do you think you pay too much for tenant occupied property insurance?
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Answer:
The general public idea is that landlord insurance is insurance for any situation that you, as a property owner have a tenant paying to occupy space or a building you own. Some feel that it should also apply to a sub-let type of situation. However, the insurance industry in general has the standard for a landlord insurance policy limited to any 1 - 4 family residential building that is not owner occupied and meets each insurers additional unique criteria. A Landlord Package Policy is a great tool to protect multiple needs of owners of 1-4 family homes rented to others because they usually include coverage for the residence building, sheds and garages for serving the residence as outbuildings, loss of rents due to a covered cause of loss, bodily injury liability for the location and medical payment benefits for an injury that happens at the insured location. Other things that should be considered when buying this type of insurance include your personal property coverage, building law changes, student renters, seasonal issues and more. This can be very complicated. You should contact us at insurance@drickardinsurance.com or 607-843-8860 to design the right policy for you.
A Landlord Package Policy may be configured like is show below with coverage for:
- Residence
- Out Buildings
- Personal Property (By Request)
- Loss of Rents
- Liability
- Medical Payments
- Additional helpful endorsements would be: Demolition, Ordinance of Law, Theft of Building, and more. However, you only get this coverage by special endorsements.
Did you know that many landlord policies do not include theft of building coverage? That means that if your appliances, copper pipes and wiring, furnace or fixtures are stolen you do not have coverage for it! In many cases we can fix this. Contact us at insurance@drickardinsurance.com or 607-843-8860.
So, what do what do you do when you have a building or location occupied by someone else that does not fit the insurance industry's cookie cutter as shown above? You contact us at insurance@drickardinsurance.com or 607-843-8860. Additional information about the various types of tenant occupied properties we can find insurance for see our Landlords Insurance page.
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.
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