Best Sacramento rental property insurance: Get landlord insurance and protect your investment

What Is Rental Property Insurance?

Landlord insurance also known as rental property insurance is a home insurance policy designed to protect homeowners that rent out their home. The types of landlords that may want to consider a policy can be ones who may rent entire apartment buildings or have a few homes that they may want to generate income from. There’s also the person that may be more on the side of only renting a room out in their primary residence. No matter where you fall, a landlord insurance policy is designed to protect your investment.

Homeowners insurance and landlord insurance are similar in many ways but also very different and created to protect you in different areas. Rental property insurance will cover you for tenant damage, where as homeowners insurance will not cover you for your tenants. Landlord insurance will protect the property itself, the landlords property used to maintain the home, and liability in the case someone is hurt or injured on your property.

The majority of landlord insurance policies will include personal property protection. Although, due to renting a property being considered a business, your landlord insurance coverage will include certain things that are not included in standard homeowners insurance policies. 

If you happen to have a mortgage tied to the home you’re renting, the lender may require you to carry rental property insurance. You may also want to suggest that your tenants pick up a renters insurance policy to cover their belongings. Rental property insurance does not cover your tenants property. 

What Does Rental Property Insurance Typically Include?

The amount of coverage that’s included in landlord insurance will depend on the area, the claims history of the insured party, and how much coverage is needed. The majority of landlord insurance policies will cover the dwelling or property, personal injury to tenants, and personal property. Your coverage will come with several stated limits, which may include:

Property protection:

This is usually the calculated replacement cost.

General liability:

This portion of your coverage is 2 to 4 times the property coverage limit and is used to protect against personal injuries and more. 

Personal property:

This will be used to cover items such as the landlords property used to maintain the home such as appliances, electronics, washers and dryers, and more. 

Why get landlord insurance?

If you have tenants renting your home you should consider a landlord insurance policy with Eugene C Yates Insurance Agency. When you rent out a property you can’t really expect the renter to treat your home the way you would. Because of this reason and many more, you should consider landlord insurance. Rental property insurance coverage will protect you in many ways even for lost rental income. 

Here’s how landlord insurance can help you

Landlord insurance, also called rental property insurance (RPI) is a home insurance policy similar to homeowners insurance but very different in its own right. A few things landlord insurance may cover that homeowners insurance does not are as follows:

Income replacement – Lost rental income:

Landlord insurance may cover any lost rent if your tenant is unable to use the home.

Personal Liability coverage:

Homeowners insurance can come with liability as well. Liability insurance will cover you for any legal or medical fees if someone is hurt or injured on the property. 

Discounts for landlords on insurance

The best way to get a discount on your rental property insurance is to bundle multiple policies. If you have you auto or homeowners insurance through the same provider you may be eligible for a discount. 

Landlord Insurance Quote

If you would like an amazing landlord insurance quote from the best agents in Sacramento, please give us a call. Our wonderful agents at Eugene C Yates Insurance Agency have been writing excellent landlord insurance policies for years and will help you get a great rate and great coverage!