More homeowner's are becoming Landlords

by Steve Wilson on February 17, 2010 · 0 comments

in Homeowner's

Are you having trouble selling your home in today’s real estate market and thinking about becoming a landlord? If so, you’re not alone. A growing number of homeowners who need to relocate for a job or other reason are renting their homes instead of selling them in the current market.
Keep in mind that when you become a landlord, your property becomes a place of business and its insurance requirements change. For example, you would need a landlord insurance policy to cover the property and protect you if anyone is hurt on or in the property in place of your homeowners policy.

Many choices
Landlord policies typically cover the building in case it’s damaged or destroyed by:

  • Fire
  • Explosion
  • Lightning
  • Windstorm*
  • Hail damage*

There are important optional coverages you may want to consider such as:

  • Replacement cost coverage on the home
  • Liability coverage
  • Coverage for theft
  • Coverage for vandalism
  • Loss of rent
  • Landlord personal liability coverage

Depending on your individual situation, you may consider some options especially important. For example, do you rely on the rental income to pay your living expenses? A landlord policy may include coverage to help compensate for lost rent if the building is uninhabitable because of covered damage such as fire or explosion.

Call me today: I can give you additional information and answer any questions you may have so that you have the coverage you want when you rent your property. 405-285-5555

*Coverage may not be available in all areas.

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