rental property insurance types

Properly insuring your rental property can mean the difference between a year of profits, or taking on massive losses for a quarter or even the entire year. Insurance can protect your property from a multitude of threats, but only if you select the right policy or policies. Everything from fire to accidental injury on your rental property can be covered. Also ensuring rental property compliance can also mean the difference between profit or loss.

The good news is that it does not matter what type of rental property you own, be it a single family home, a duplex, a condo, penthouse. studio, loft or a multiplex, the same policies apply to them all. The basic types of policies you would want include the following:

  • Building Coverage  This provides total coverage for the structure itself.
  • Personal property Coverage  This provides coverage for all of the contents that you yourself have ownership of inside of your rental units. This includes things like the refrigerator, window treatments, the stove, and any other non structural items that you own inside of the rental properties.
  • Rental Loss Insurance  This provides coverage for any covered event that would cause your properties to become uninhabitable during the period of coverage. It will provide you with fair market value for any period of rental loss due to this.
  • Liability Coverage  Renters do stupid things all the time, including getting hurt on your property, then coming to sue you with an attorney. This coverage covers you from these types of injuries or losses that your tenants or their guests might encounter.
  • Flood and Earthquake Coverage  You may want to consider one or both of these if you have rental properties in an area where these types of events can occur. One flood could wipe out your entire investment.

Occupancy Solutions, LLC strongly recommends and supports Occupancy shield insurance. This covers you from resident negligence which results in any type of damage. We all know that damages can add up rather quickly, and the rising costs of deductibles will often mean that this damage is below the cost of your deductible, leaving you to cover these costs out of pocket. These out of pocket costs can quickly eat into your ROI. Yet with Occupant Shield you will never have a deductible! While it may sound to good to be true, it is the real deal.

We also cover pet damage, water damage and the costs related to removing bed bugs, among other things that rental property owners often encounter. We even handle the paperwork to make it easy for you and your leasing team. Our insurance also tends to lower your primary insurance premiums since there is much more risk mitigation when you are covered with Occupant Shield.

Occupancy Solutions is the leader in property management consulting; to find out more about how Occupant Shield can make a difference with your ROI and NOI, simply contact us today at (888) 209-2023!