Protect your rental dwelling with a policy from Team Insurance
Whether you own a second home that you can lease or want to earn some extra cash by renting out your vacation home or a spare bedroom through Airbnb, make sure that your property is protected. If you rent out your home on a short-term or long-term basis, the coverage and the policy might differ. That’s why we at Team Insurance will help in choosing the appropriate rental dwelling policy and customize it according to your needs.
If you are renting out your primary residence for a short period of time, some insurance companies may give you the go-ahead if you already have a Homeowners Insurance or Renters Insurance policy. Other companies may require a rider or endorsement to your existing policy. In case you want to rent out your primary residence on a regular basis, for example, renting out your bedroom through Airbnb, this will be considered business, and you will need to check out your options for Business Insurance.
Things to Consider:
If you are planning to lease your secondary property to someone for a long period of time or if you are leasing it out on a regular basis, you should consider purchasing Rental Dwelling Insurance. This way, your property will be protected in the event of covered hazards, including lighting, fire, wind, hail, snow, ice, and others. The policy will also cover liability costs in case your tenants or their guests get injured on your property. Moreover, your personal property left on-site can be protected by additional coverage.
Your Dwelling Insurance does not protect tenants’ belongings, so you should consider making it a requirement for tenants to purchase Renter’s Insurance before they sign the lease.
Discover Common Coverage Options:
Protection for Your Rental Home and Attached Structures
Dwelling Coverage provides protection for your rental property as well as any attached structures.
Protection for Unattached Structures
Ensures your unattached structures, such as a shed, pole barn, or detached garage, are also protected.
Replacement Cost Loss Settlement
Speak to one of our experienced agents to evaluate the cost of your rental property. In the event of total loss, this coverage will pay for the replacement of dwelling with the same quality and type of materials.
Actual Cash Value Cost Settlement
In the event of the total loss of your rental property, the policy will reimburse you with the market value of your property.
Loss of Rents
If a covered loss occurred such that tenants are unable to live in your rental home, the policy will cover the lost rental income.
Additional Coverage Options:
Protection for Your Personal Items
This optional policy will cover your personal property.
If the landlord is found liable for the damage from a covered incident, the policy will cover lawsuits and related costs.
Water Backup of Drains or Sewers
It is difficult to predict when a drain or sewer will back up, so appropriate coverage is recommended. The policy will pay for the damage to walls, furniture, floors, and electrical systems.
Sometimes, laws or local ordinances can check the condition of the building to make sure it is up to code. In the event this happens after a covered incident, the coverage will help to get you back on your feet.
Additional Coverage Limit
In case the limit on your dwelling insurance is not enough to cover the costs of damage resulting from a covered accident, this additional coverage will pay for an additional 25%.