When considering becoming a landlord and renting out your property, you may be wondering how insurance will help you manage the risks of your new arrangement.
Landlord Insurance is a specific type of coverage for this situation, and, along with working with a good property management company, is one of the best ways to be fully prepared to be a landlord.
What’s Covered by Landlord Insurance?
Each insurance company is different, and coverage will differ. Talk to your insurance agent for full details. But in general, Landlord Insurance may help you in the following situations.
- Fair Rental Value Coverage. This is the biggest difference between home insurance and landlord insurance. If your property becomes uninhabitable for a reason that is covered, Landlord Insurance should cover your lost rental income while repairs are being finished, usually up to 12 months.
- Dwelling Coverage of your rental property from fire, hail, vandalism, and other dangers.
- Coverage of other structures on the property, such as garages, sheds, etc.
- Coverage of Items that you own on the property, like appliances, furniture you’ve provided, or even tools you keep there.
- Liability Coverage; Legal Counsel and Medical expenses should someone become injured on the property.
Some insurance companies will offer discounts for certain circumstances, such as:
- New/ Recently-Renovated Home Discount, for rental properties newer than approx. 13 years old, or newly renovated.
- Multi-policies Discount, for those covering several properties, or a property and car, for example.
- Protective Devices Discount: may apply if you use a security alarm, a sprinkler system, deadbolts, fire extinguishers, etc.
Other Questions Insurance Companies May Ask
In order to determine the right coverage for you, your insurance company may want to know some additional information.
- Do you currently live in the same home as your tenant?
- How many properties are you renting out?
- What type of unit are you renting out?
- Do you rent out your property intermittently, or on a regular basis for longer periods of time?
If you have any questions about becoming a landlord, or about landlord insurance, Contact Tradewind Properties. We are here to help!
We’re proud to announce that Tradewind Properties has been named in the Top 50 Veteran-Owned Businesses by the Minneapolis/St. Paul Business Journal
“Veterans bring an excellent blend of hard work and ingenuity to our team. They are tested and results-driven, with excellent team-building skills,” says Brandon Martin, Owner and Real Estate Broker at Tradewind Properties.
“It was an honor to be named to the Top 50 Veteran-Owned Businesses List by the Minneapolis/St. Paul Business Journal. Many of the core values that I developed from the Navy ring true in the day-to-day operations of running this business. As a staff, we put a strong emphasis on working together and being accountable.”
This is the first year that Tradewind Properties has been included on this list.
Tradewind Properties is also included in the list of the Top 50 Veteran-Owned Businesses according to the American Registry.
See what sets us apart in real estate investment and property management.
As someone who recently moved I realized why a lot of people hate moving so much. After moving I took some time to think of some things that would make a move that much easier and less stressful.
1) Make a plan.
As with anything in life having a plan typically makes things go much smoother and moving is no different. Included in this plan should be the following: What day are you going to move? Who is going to help you move? Do you need to rent a moving truck or hire movers?
What is the weather supposed to be like? Do you have enough space at your new place for all of your stuff? If you plan these things out in advance you can avoid many of the hassles of moving; like moving in the rain and hail all day, like I did.
As the real estate market recovers in the wake of the recession, there are many new opportunities available for investors with some unique advantages. The demand for rental properties is at a nearly 20 year high, so if you’re considering investing in a rental here are a few added benefits to keep in mind.
Owning your own home used to be a centerpiece of the American dream, but is that still the case? Demographics are changing in the real estate market. The recession has displaced millions of homeowners and scared an entire generation of young buyers out of the market. At least for now.
Homeownership in the U.S. hit a nearly 18-year low in the second quarter of 2013, according to the Department of Commerce. Homeownership rates declined to 65.1 percent, the lowest level since 1995.
We’ve redesigned our site to be a resource for Twin Cities homeowners, renters and investors to make the most informed decisions for navigating our real estate market.
We’ll be posting new tips and information, investment opportunities and industry trends to help our readers take full advantage of the latest developments in the real estate and housing market. The Twin Cities rental economy is more active than ever, and we’re here to bring you the latest from the front lines.