What’s Covered by Rental Property Insurance in Fort Myers?
Most homeowners realize they need homeowners’ insurance, but what about residential properties used for rentals? Landlords also need insurance coverage to protect them against property damage and liability costs, but homeowners’ insurance won’t cover all the risks engendered by renting a property. Instead, these property owners need Rental Property Insurance in Fort Myers. Read on to find out what’s covered by these types of policies.
Coverage for the Physical Building
Rental property insurance covers damage to the physical building, much like homeowners’ insurance. It will only cover the damage caused by certain types of issues, such as lightning or fire. Each policy is a little different, so landlords should speak with their insurance agents to find the best one to meet their needs.
Liability Coverage
The liability coverage associated with Rental Property Insurance in Fort Myers protects landlords from legal and medical costs associated with injuries to tenants and guests that occur on the property. Standard rental property insurance won’t cover all potential liabilities, though. Landlords who want maximum coverage may need to purchase umbrella insurance.
Coverage for Personal Property
Rental property insurance doesn’t cover items owned by tenants and stored in rented buildings. It does, however, cover any personal belongings owned by the landlord and stored on the premises, such as household equipment like air conditioning units, washing machines, and lawnmowers. Not all policies come with property coverage, so ask the insurance agent whether this protection comes with the policy or needs to be added.
Loss of Rent Coverage
If a natural disaster or another form of peril makes the home or apartment uninhabitable, landlords who don’t have rental property insurance will stop receiving rent. Rental property insurance offers rental income protection to make up for payments that tenants are no longer obligated to pay. Like personal belongings coverage, loss of rent coverage does not always come standard with rental property insurance policies and may need to be added on.
The Bottom Line
Rental property insurance covers more than homeowners’ insurance. It covers everything from loss of rent to landlords’ personal property stored on-site. Contact Lee County Insurance Agency to speak with a dedicated insurance agent who can explain options and help landlords choose the right policy and add-ons today.
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