If you rent your property out, you need to be assured that your property is covered for loss caused by fire, or other events. You also want to avoid potential loss of income if your property becomes uninhabitable. If the complex/house needs to be rebuilt, it may take several months to a year before you can have any tenants move back in.
Some of our other carriers may even offer a product tailored to rental property that can insure up to four attached units that may be completely rented or one unit occupied by you, the owner.
The following are some features that may go along with this type of policy:
- Liability coverage options
- Increased replacement cost coverage options
- Theft, water damage and more.
Safety Standards for Rental Properties
Landlords: Protect yourselves from potential lawsuits and mishaps. Make sure that your properties meet special safety standards. The following is a list of major issues regarding your rental property:
- Independent Contractors (roofers, plumbers, tree-trimmers, gardeners, etc.) – Be sure to hire only insured contractors and request to see their license if a job requires one. For large projects, request for a certificate of insurance and require that they add you as an “Additional Insured” under their insurance policy.
- Windows and Screens – All windows that can be opened should be screened and set in place to avoid negligence charges. If your tenants have small children, be sure to advise them not to place furniture directly under a window.
- Fences/Railings and Handrails – New safety codes in certain areas require openings of no more than four inches between bars or slats. Be sure to check the strength of the bars and that they are securely attached.
- Maintain your property. Quickly address general maintenance issues and solve tenant complaints and problems in a timely manner.
- Locks and Latches – Don’t just provide an adequate lock; invest in a superior lock or deadbolt with heavy strike plates. Laundry rooms should be locked at all times to keep young children from playing around dangerous machines, and to protect against vandalism, and other mishaps.
- Smoke Detectors – If detectors are battery-operated or hardwired, be sure to check them every six months.
A Cooper Insures Licensed Agent is eager to help you with special insurance needs. Call us at 1-888-878-8875.
