How much does rental property insurance from Eugene C Yates Insurance Agency cost?

There are various factors that will help an insurance provider determine the rate you pay on your rental property insurance policy. Not all homes or homeowners have exact situation or coverage limit needs. There are common things that may make the premium higher or lower such as a pool can add to the risk and having an alarm system may decrease risk which would result in a slight lower payment.

How to compare landlord insurance quotes

When it comes to shopping for rental property insurance it’s always a great idea to take a look at multiple quotes from a few different landlord insurance providers. When making your comparisons make sure you’re comparing the same coverage limits so you’re comparing an apple to an apple. 

The easiest way to shop around with multiple companies and still save time and money is to go through a reputable rental property insurance agency such as Eugene C Yates Insurance Agency. Our agents have access to the very best insurance providers and firsthand knowledge of the best landlord insurance discounts available. This makes it simple for them to find the best rate for your situation and coverage limit needs.

Again please remember to compare the same coverage limits, coverage types and deductibles to get the most accurate comparison. 

Choose the type of rental property insurance coverage you need:

Please have one of our wonderful agents review with you all of the coverage options and additional add ons as well. 

Decided what coverage limits you need:

Take in consideration everything that goes into your coverage and what you’re protecting. Take a good inventory of what is and isn’t covered and do a thorough check of the home. 

Consider what deductible amounts are good for you:

Your deductible has a major influence on the rate you end up paying on your insurance. The higher the deductible the lower your rental property insurance premium will be. The lower your deductible is the higher your premium will be. Because your deductible is so influential towards the rate please make sure you compare the same amounts. 

What is rental property insurance?

Rental property insurance also known as landlord insurance is a form of home protection designed to financially cover landlords for covered losses. If you plan on renting out your home to tenants then it may be a wise choice to look into rental property insurance. Much like homeowners insurance, rental property insurance will pay to rebuild or repair your home if it is damaged or destroyed by a covered peril. Rental property insurance will cover most weather related damage, vandalism, fire, and even accidental water damage.

Rental property insurance will also help to cover lost rental income if your tenant is unable to occupy the home due to a covered loss damaging the home. You may also want to look at our policies that cover AirBnbs and Vrbos. 

How much does rental property insurance cost?

The cost of rental property insurance will vary from homeowner to homeowner and insurance provider to insurance provider. Not all policies are treated the same, so what your neighbor may pay for premiums will be different than what you pay. Other factors that will help the rental property insurance provider to determine your rate would be the age of the home, value of the landlords personal property, safety features, the location of the home, the building materials, and how many units and tenants you have.

Rental property insurance usually is slightly higher in premium cost than a standard homeowners insurance policy. It is roughly 15% higher than homeowners insurance. 

What types of properties does rental property insurance insure?

Rental property insurance will cover condos, townhomes, apartments, single family residences and more. When you speak to one of our wonderful agents about rental property insurance they will ask you questions to find out more detail about your property and what coverage limits you need. 

Single family residence:

Traditional free standing homes, townhomes, and SFRs that share at least one common wall are included. These homes are built on permeant foundations and have their own entrance. Single family homes can accommodate one family. 

Homes for 2 to 4 families:

Duplexes and quadruplexes that multiple families can live in separately. Some are up to 4 stories and have all homes under one roof. For larger apartment complexes we recommend looking into business property insurance for more comprehensive coverage. 

Condos:

A condo is often thought of as an apartment that you actually own. There is usually common areas you shares with your neighbors such as pools, game rooms, gyms, parking and more. 

What else can rental property insurance cover?

We covered some of the basics of what rental property insurance covers such as property damage, and the landlords personal items such as lawnmowers and washers & dryers. Now let’s go over some of the other things rental property insurance covers:

Lost rental income:

Your rental property insurance policy may cover lost rental income if your tenant is unable to use the home due to a covered peril damaging or destroying the home. 

Legal fees:

If you are held liable for someones injury while visiting your property, rental property insurance may cover the legal fees associated with the claim. 

Short term rentals:

There is added liability and personal property coverage if you decide to rent your home for less than 30 days. 

Why Sacramento landlords choose Eugene C Yates Insurance Agency Rental Property Insurance

At Eugene C Yates Insurance Agency we make it easy for Sacramento California homeowners to get great coverage on their rental properties. All you have to do is give us a call and one of our wonderful agents will give you a quote and help you to purchase a policy. 

Please give us a call today for a custom rental property insurance quote at (916) 313 – 6100.