Rental Property Insurance in Fairhope, AL
Investing in real estate can be highly profitable, but it comes with its own set of risks. To financially protect your investment, securing the right insurance coverage for your rental property is crucial.
What Is Rental Property Insurance?
Rental property insurance, also known as landlord insurance, is designed to financially protect property owners who rent out their homes, apartments or other dwellings. However, it typically does not cover the tenant’s personal belongings, routine maintenance, or wear and tear.
What Does Rental Property Insurance Cover?
Rental property insurance typically includes the following coverage options:
- Dwelling coverage
- Liability coverage
- Loss of rental income coverage
- Personal property coverage
Who Needs Rental Property Insurance?
Rental property insurance is an essential consideration for the following types of property owners:
- Landlords—If you rent out a property, whether a single-family home, a multi-unit building or an apartment, you need rental property insurance to protect against potential financial losses.
- Owners of second homes—If you own a second home or vacation property that you rent out, rental property insurance can offer coverage beyond what a standard homeowners policy offers.
- Investors—Real estate investors who own multiple rental properties should have rental property insurance to safeguard their investments.
This insurance is particularly important if you have long-term tenants (six months or longer) living in your rental property. It can help ensure you are financially protected from the unique risks of renting out property.
Learn More
Contact Stillman Insurance Group today to discuss rental property insurance.