Own a Rental? You May Need Business Insurance

Own a Rental? You May Need Business Insurance

People become landlords in a variety of ways for multiple reasons. They may intentionally invest in real estate as income properties. Some inherit a property and rather then sell it, they may decide to keep it and rent it out. Others may have extra space in their home and make the decision to rent out a room long or short term. Being a landlord, however, is not always easy. There are vacancies to fill, rents to collect and a seemingly endless myriad of property maintenance issues.There’s also the fact that when you become a landlord, you are going into business. This can create a need for business insurance.

Your Homeowners’ Insurance May Not Be Sufficient

Generally, your typical homeowners’ insurance policy would not cover any damage to your property as the result of its use as a rental.

Check with Your Homeowners’ Insurance Agent

Each insurance company may have its own provisions regarding rental properties. Whether your tenant is a member of the family can make a difference, as can the physical setup of the space.

Explore Your Options for Coverage

Most policies designed for landlords will provide basic liability coverage, property damage and income protection. This income protection would be valuable in a situation where the property may become uninhabitable due to damage. Like a standard homeowners’ insurance policy, flood insurance would need to be acquired separately.

Protect Your Contents

If you rent furnished space, store personal belongings in the space you rent, or provide major appliances, make sure you have coverage on your personal property.

If you are an investment property owner it can be a very good idea to encourage your tenants to secure their own renters insurance. Renters insurance will cover their personal possessions, offer protection from liability claims and offer protection in the event of theft or vandalism. Remind them that your insurance will NOT protect their personal property.

If you are considering the purchase of an investment property, make sure you insure your investment. Contact one of our independent insurance agents to discuss your property and your risks. They can seek out quotes from multiple insurance companies and help determine which coverage is best for your situation. Contact us today to get started.

We research the best insurance so you don't have to.

Leave a Comment





Life Insurance Is Not About You

January 20, 2021

Big Boy Toys and Auto Insurance

January 19, 2021

Six Common Homeowners Insurance Mistakes

January 18, 2021

Five Recent Fads That Came and Went Quickly

January 15, 2021

Are You Legally Required to Carry Business Insurance?

January 14, 2021

Four Needs Life Insurance Can Help Fulfill

January 13, 2021

Car Insurance FAQ’s

January 12, 2021

Five Quick & Easy Ways to Save on Homeowners Insurance

January 11, 2021

America’s Most Popular New Year’s Resolutions

January 8, 2021

Business Insurance for Professionals

January 7, 2021

Term Insurance: Big Protection at Affordable Rates

January 6, 2021

Seven Steps to Become a Better Driver Tomorrow

January 5, 2021

Are You Required to Carry Homeowners’ Insurance?

January 4, 2021

You’ve Never Been Where???

January 1, 2021

What is BOP and What Does It Include?

December 31, 2020

Funerals, Life Insurance and Flowers

December 30, 2020

How Some Famous Movie Cars Would Be Insured in Real Life

December 29, 2020

Homeowners’ Insurance and “The Tree”

December 28, 2020

Questions to Ask Your Grandparents this Holiday Season

December 25, 2020

Positioning Yourself as an Expert in Your Business

December 24, 2020

The Difference Between Burial Insurance and Life Insurance

December 23, 2020

Used Car Buying Tips

December 22, 2020

Buying a Home Only Based on Homeowners’ Insurance Rates

December 21, 2020

Five Communities That Always Have the Christmas Spirit

December 18, 2020

How 2020 Will Affect How We Conduct Business for Years to Come

December 17, 2020

Why a Million Dollar Life Insurance Policy May Not Be Enough

December 16, 2020

Reasons Cars Are So Much Better Now Than Fifty Years Ago

December 15, 2020

How Some TV Homes Should be Insured in the Real World

December 14, 2020

7 Childhood Games to Ask Your Parents (or Grandparents) About

December 11, 2020

Five Best Movies for Sales Representatives to Watch

December 10, 2020

Creating a Life Insurance Inventory

December 9, 2020

Your Car: When Was the Last Time You…

December 8, 2020

Facts About Renting You May Find Interesting

December 7, 2020

Are Heirlooms a Thing of the Past?

December 4, 2020

Is “Positive Thinking” Valuable for Your Business and Employees?

December 3, 2020

Life Insurance: Why Waiting Limits Your Options

December 2, 2020

What You Need to Know About Today’s Driving Schools

December 1, 2020

Hurricanes, High Winds and Homeowners’ Insurance

November 30, 2020

The “Flying Nun” and Other Wild TV Show Premises

November 27, 2020

How to Get Clients to Promote Your Business

November 26, 2020

Five Cents a Week for Life Insurance? Wait…There’s more!

November 25, 2020

The Info You’ll Need to File an Automobile Insurance Claim

November 24, 2020

Buying a Home? See These Five Movies First

November 23, 2020

Six Women Who Made a Big Impact on Modern Music

November 20, 2020

Cutting Costs Without Slashing Your Business

November 19, 2020

The Difference Between Term Life Insurance and Permanent Life Insurance Explained

November 18, 2020

What You Should Know About Your Driving Record

November 17, 2020

Preparing Your Home for a Natural Disaster

November 16, 2020

Why Are Mountains and Beaches so Popular for Vacationers?

November 13, 2020

Steps to Better Secure Your Bricks and Mortar Business

November 12, 2020

A Closer Look at the Life Insurance Waiver of Premium Benefit

November 11, 2020

Why A Police Report is Important in an Auto Insurance Claim

November 10, 2020

Why You Need to Document What Your Own

November 9, 2020

The Allure of the Great Smoky Mountains

November 6, 2020

Business Insurance and Restaurants

November 5, 2020

Can I Buy Life Insurance if I’m Dying?

November 4, 2020

The Growing Problem of Aggressive Driving and Road Rage

November 3, 2020

College Life and Renters’ Insurance

November 2, 2020

Why Coin Collecting Is Still A Terrific and Educational Hobby for Kids

October 30, 2020

Why You Should Have an Annual Business Insurance Review

October 29, 2020

Contact Us

-CONTACT US

OUR LOCATION

Have A Question?

We have an answer. Call us at 1-559-447-1747

2037 W. Bullard Ave., #276 Fresno, CA 93711

1-559-447-1747
CA License #0E05573

© Copyright 2021 McKinley Insurance Services  |   All Rights Reserved
Site by ICA Agency Alliance

2037 W. Bullard Ave., #276 Fresno, CA 93711
1-559-447-1747
CA License #0E05573

© Copyright 2021 McKinley Insurance Services  |   All Rights Reserved
Site by ICA Agency Alliance