Rental Property Insurance
If you’ve gone to the expense of buying property to rent out to others, then it’s important to protect that investment with adequate coverage for life’s unexpected turns.
Insurance Center of North Jersey has the right plans at the right price to help you get the most mileage from your policy.
We have 80+ years of experience helping people, just like you in the states of New York, New Jersey, and Pennsylvania, protect their rental property investments with the right combination of coverage and price to meet their needs for the specific type of rental properties they’ve invested in.
What is Rental Property Insurance?
Whether you’ve found yourself in the role of a landlord by design or by unforeseen circumstances, you owe it to yourself to protect your interest in the property being rented out.
Rental property insurance is different from homeowners insurance and even from coverage you typically hear about renters (tenants) purchasing in order to protect their possessions and/or liability.
Most property owners, mistakenly believe their homeowners’ policies will cover any damage to the property. However, that is not the case in most instances. A homeowner’s policy is one that provides protection for homes in which the owners reside.
If you do not live in the home being covered, then you will need a different type of policy. Namely, rental property insurance.
What Does Insurance For a Rental Property Cover?
Your policy needs may vary a great deal from those of other people in similar situations. That’s why it’s always wise to work with a professional, independent insurance agent in order to make sure you have the appropriate coverage for your likely needs.
There are some types of coverage that are extremely beneficial to rental property owners including:
- Property Damage Coverage to the Structure
- Loss of Rents Coverage
- Liability Coverage
- Landlord Contents Coverage (to cover the costs of items you have in the unit such as furniture, appliances, etc.)
- Fire Department Service Fees
- Debris Removal
Many rental property owners fail to get the coverage they need due to fears of high costs. However, the costs of going without insurance for your rental property can be far greater if one accident occurs on the property or if the property is damaged by a covered event.
How Much is Rental Property Insurance?
There isn’t a one-size-fits all policy when it comes to this particular type of coverage. Prices will vary greatly according to the size, age, and location of the home. Other mitigating factors include the property’s current state of repairs and how much it will take to bring the home up to current building codes and standards if a disaster occurs.
Even the number of units can have a significant impact on coverage costs. It doesn’t end there, though. Burglar alarms, sprinklers inside units, swimming pools on the property, wiring codes (and how your building measures up), and whether or not you rent to smokers all impact the final price. both positively and negatively.
Multiple rental properties often require a special type of coverage as do mobile home rental properties and seasonal homes or homes you live in for part of the year and rent out to others for the remainder of the year.
Why Work with ICNJ?
When it comes to getting the adequate coverage for your rental properties, the details cannot be left to chance. It’s important to have the right policy coverage at a price you find affordable month after month.
From our Maywood, NJ office we provide key coverage to landlords and property owners throughout the state of New Jersey. The fact that we are an independent agency means that we are able to shop around to find you the best package of coverage and price to meet your needs and protect your interests in the event of a covered event occurring on your property.