When owning a rental property, there’s all kinds of nightmarish things you need to prepare for. Protect yourself with landlord insurance (or specialty dwelling insurance). Landlord Insurance will helps with the financial loss from damages brought on by circumstances you have no control over.
Landlord Insurance covers:
● Vandalism
● Theft
● Weather (Lightning, Wind, Hail)
● Loss of Rents – provides income in the event a unit is unlivable.
● Landlord liability – Protects the landlord if someone is injured due to negligence on their part (icy walkway, broken stairs)
● Water damage (broken pipes)
Insurance Cost Considerations:
Whether you own two small rental properties or an apartment building with twenty units, insurance is important. There’s a few different things that get considered when it comes to the cost of landlord insurance.
● Credit – Based on your personal credit score. Bankruptcy and your payment history will also be a contributing factor.
● Deductible – Your cost of insurance will be cheaper if you opt for a higher deductible. Remember you don’t want a deductible you can’t afford in case of a claim. The most common deductible between landlords is $1000 for all the possible damages.
● Building Type – Whether its a duplex built from brick to an apartment in cased in steel, the type of building and the materials used to make said building come into factor when determining the cost.
● Discounts – If you have homeowners insurance through one company, adding this coverage on could result in discounted rates.
With all this information, let Cincinnatus Insurance shop around and help you decide which insurance company provides the best options. We want you to have peace of mind… For example, we all remember when the Ohio River flooded just a few months ago. If you own property around the banks, you’re going to want to find a company that can provide you with the best coverage in case of floods. Ask your Cincinnatus agents about adding Flood Insurance coverage.
Any questions on what Specialty Dwelling Landlords insurance would be best for your needs, give us a call! The Cincinnatus Insurance Team is here to help!