CALIFORNIA LANDLORD INSURANCE: RENTAL PROPERTY INSURANCE WITH EUGENE C YATES INSURANCE AGENCY

Landlord insurance also known as rental property insurance is a must have homeowners insurance policy even if you rent out only a portion of your home. It can protect the structure of the home, liability claims, and lost rental income. Rental property insurance will help to repair or replace your property if it’s destroyed or damaged by a named peril such as fire, wind, severe weather and more.

Landlord Insurance Definition

What is rental property insurance? Is it the something as landlord insurance? In short, yes. They are the same form of home insurance just referred to by different names. Landlord insurance is coverage that is designed to protect the property you rent to tenants. It protects property and liability and it even covers rental income that is lost due to the home being repaired due to a named peril. 

Rental Property Insurance: Landlord Insurance vs Homeowners Insurance

Homeowners insurance and rental property insurance are very similar in many ways. Although, they are also still very different as well. Homeowners insurance usually will not cover you for tenant related damage. Also keep in mind that landlord insurance will cover you for items that aren’t exactly relevant to a standard homeowners insurance policy.

Homeowners insurance typically doesn’t cover you for tenant liability claims and lost rental income if a tenant is unable to live in the home. 

Your typically home insurance policy will provide very broad coverage for your home. It will also cover the contents and personal liability coverage. More than likely it will not cover any lost income from renters. 

Your standard rental property insurance policy will allow you broad coverage for a home you rent out and it will also cover the tenants liability and personal property used to maintain the home such as alarms, appliances and more. Landlord insurance will also cover you for lost rental income if a tenant is unable to use the space you rent. Landlord insurance usually does not cover your tenants personal property.

Most homeowners insurance plans will come with higher personal contents limits than a rental property insurance policy. Usually most landlords will only need limited coverage to protect items such as appliances and electronics. 

Landlord Insurance vs Rental Property Insurance

Rental property insurance and landlord insurance are the same form of home insurance. You can use them interchangeably as they are synonymous. Homeowners may recognize rental property insurance as the older term.

Landlord Insurance vs Renters Insurance

Landlord insurance is a form of insurance designed to protect the landlord from damage and harm. Renters insurance is designed to protect the tenant renting the home. Landlord insurance or rental property insurance will protect the person renting the out for several named perils. Renters insurance will cover the personal property of the tenant renting the landlords house. 

Two very different, very important policies. If you’re a landlord and you need to protect your valuable investment, it’s an amazing idea get a good rental property insurance policy from your reputable California insurance agency Eugene C Yates. 

Rental Property Insurance Coverage: What Does Landlord Insurance Cover?

Rental property insurance will cover the structure of the home, lost rental income and liability claims. Typically what’s covered may include damage to any part of the homes structure, fire and smoke damages or losses, windstorm & hail damages or losses, vandalism, malicious mischief damages or losses, & theft from a tenant’s personal property inside the home.

Landlord insurance will provide protection for rental income if the home becomes uninhabitable due to a named peril. A rental property insurance policy will usually provide replacement cost value coverage. What’s good about this is you’ll receive the money upfront if the worst were to happen. 

Landlord insurance Common Named Perils

If any of the following happen to your rental property, a California landlord policy may help, subject to your deductible and if the claim is approved.

• Fires and lightning
• Windstorms and hail
• Explosions
• Riot
• Aircrafts
• Vehicle
• Smoke damage
• Vandalism
• Theft of property
• Falling object
• Weight of things like ice or snow
• Accidental discharge of a plumbing devise
• Accidental and sudden cracking, burning or bulging
• Freeze
• Sudden short-circuits
• Volcano eruption

Rental Property Insurance Common Exclusions

A typical California landlord insurance policy will exclude the following:

• Maintenance repairs
• Personal property of tenants
• Floods, earthquakes and water backup

If you would like to get an amazing landlord insurance quote from some of the nicest, most professional, experienced insurance agents in California, please feel free to contact us today at 916 313 6100