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An investment property is a great way to collect passive income. That’s not without risk, though. Oftentimes, landlords skimp on coverage for their rental property and end up paying for it in the long run. If you already have a rental property or are considering investing in one, we’re going over the basics on what you’ll need to know about properly insuring your rental property in Central Florida.

What kind of policy is right for me?

In most cases, your regular homeowners policy, or standard homeowners insurance, just won’t do when renting out your property. The type of policy that you need is also dependent on the amount of time you are planning to rent it out. If you are planning on renting short term, some companies will only insure annual lease rentals while others will allow for short leases, even for vacation rental homes. However, if you’re renting out long term, you’ll need to obtain a landlord insurance policy.

The key difference between homeowners insurance and landlord insurance is that landlord insurance typically only provides coverage to the actual property and structure, where homeowners policies can include coverage for contents that are inside the home. Insuring the structure of your property and other buildings on the premises (like a shed or fence) should be your main concern as a landlord. Both homeowners and landlord policies help cover the building itself in case of damage from a fire, lighting, wind, hail or another covered loss.

Consider making renters insurance required.

Since the content of a home is not covered under landlord insurance, the exception being any appliances you are leaving in the property – a dishwasher, stove, refrigerator or washer and dryer – it’s not uncommon for a landlord to require their tenants to purchase a renters insurance policy. Tenants will not be responsible for any of their belongings that are destroyed in the event of a fire, storm, etc. Sit down and talk with your tenants and encourage them to consider renters insurance. Making renters insurance a part of your lease agreement is a good way to prescreen serious tenants in the application process as well.

Having the right insurance can save you a lot of headache as a landlord. At Harrell Agency Services, we like helping people save money and get the coverage they can afford, but most importantly, we love helping our clients get insurance they can depend on when they need it the most. We are dedicated to helping our clients access affordable insurance in Kissimmee with companies that we believe in and servicing our clients to the best of our ability. If you have any questions about insuring your rental property in Kissimmee or landlord insurance in Orlando, feel free to reach out to us!

Posted 2:45 PM

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