This is the insured location building itself. Your Dwelling coverage encompasses your rental property and any attached structures and additions. These permanent fixtures and associated equipment are covered under this policy, provided they are not used for business or farming purposes.

To determine the qualifications of what is considered covered by your dwelling, please consult your insurer’s wording booklet.

Contents or belongings insurance is a specific amount to replace furniture, appliances, lawnmower, etc. Rental property insurance does not always automatically include contents. However, it can be added upon request.

 

Renting a property can be a great idea, but it’s essential to be protected if your tenant vandalizes it. Rental property insurance can help you cover your investment, and it can also help you if your tenant is caught vandalizing your property. Vandalism by tenant coverage endorsement protects against intentional physical damage to Insured property. However, it is not available with all insurers. Ask your broker about which companies offer this coverage.

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If you are operating a short-term rental similar to Airbnb, ensure you disclose this to your broker, as long-term vs short-term rental policies are different.

Ask your broker about the following coverages available with each insurer to help you find the best policy for you:

• Theft and attempted theft caused by tenants and their guests
• Damage caused by tenant vandalism
• Fair rental value

To be liable mean simply that you are found to be legally responsible. If you are liable for injury to someone or found responsible for damage to another’s property, you can be sued for damages. No one likes to imagine being sued. But accidents happen, and if one does occur and you’re deemed negligent, you could find yourself with a hefty settlement. This type of insurance is essential because it helps protect you from financial losses that may occur due to a lawsuit.

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Did you get a mortgage? If you did, you might have also signed up for a form of Life Insurance! Often referred to as Mortgage/Creditor Insurance, this type of coverage is designed to protect the bank if the worst should happen. Find out about the difference in coverage when you have a policy designed to protect your assets and your family.

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