California Insurance Today

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Dwelling Fire Insurance Coverage for Landlords and Property Owners

Dwelling-fire-landlord-insurance
Dwelling Fire Insurance coverage, also known as Landlord Insurance provides protection for owners of rental property. It is vital that property owners have proper coverage to protect their buisness property assets. What is not common is the fact that often times landlords or building owners obtain coverage that exculdes very important aspects of their propoerty. There are several aspects of your policy that you want to ensure are being taken into account.

In addition, it is also important that research what coverage is available regarding your tenants.  It is also important to provide them with information on obtaining their own Renters' insurance to protect their personal belongings in case of an accident.  Renters insurance is often optional, but it is a  great perceived value to provide a contact or resource for tenants that haven't necessarily considered obtaining this protection.

Common dwelling fire policies have clauses that prevent you from being covered from damages that are inflicted by your tenants. Always address these issues when considering insurance. This includes any of those accidental or malicious damages occurred by the tenants. Some normal things that happen when renting to others, such as damages to the interior of the unit, should be included in your policy. Tenants that damage interior structures such as walls, plumbing and appliances that are owned by you should be included in your policy.

You also want to enquire about coverage of theft by tenants on your Landlord Insurance policy.  The best and most reputable insurance carriers provide what is known as Business Income coverage, if you lose any rental income due to having repairs completed. You might also wish to inquire about coverage such as tenants defaulting on rental payments or tenants vacating without paying rent. Also, ensure that the policy includes loss of rental income in case of fire or building repairs.

Also, ensure that your landlord protection insurance covers legal liabilities. This will typically provide you protection in case of injury of a tenant or anyone else visiting the rental units. This will cover those that are performing repairs, construction or other types of work for you. It may help to protect you in case you are sued or incurred any other costs due to an accident. 

These are some important issues that you need to address when you begin looking for landlord protection insurance. Whether you are a new owner or are looking to update your protection, you need to make sure that all of your needs are fully addressed. Protecting the income from renting is essential along with covering assets. Taking into consideration some of these additional options will give you the peace of mind knowing that you are fully insured.

It is always a good idea to consult with an insurance specialist, such as an independent agency or brokerage who has access to several insurance carriers and markets. For immediate inquiry, call ABS Insurance & Financial Services for more information. 650-813-5883