Do I Need Landlord Insurance?

Do I Need Landlord Insurance? | Anchor Realty NE

Michael Dvorkin • December 22, 2021

If you rent property, it's important to safeguard your personal finances against losses related to your rental. ANCHOR Realty NE is a property management company based in Philadelphia, PA, that can help you do this. We commonly advise property owners on legal and financial matters impacting their rental properties. This article focuses on when you need landlord insurance to cover your rented condo, house, or apartment.

It's important to note that landlord insurance in Baltimore, MD or Philadelphia, PA, doesn't cover the personal items of the renter. This is why all of our leases require tenants to purchase renters insurance to cover their belongings and liability.

What Is Landlord Insurance?

Landlords insurance provides coverage for a home you rent out on a regular basis. This insurance coverage pays risks specific to operating a rental property. It protects the property against various risks listed in the policy, typically including a loss of rent. You have several options when it comes to adding endorsements to expand your basic coverage for landlord insurance in Baltimore, MD or Philadelphia, PA.

Examples of landlord insurance include:

Coverage for property insured, including additional structures damaged due to a covered loss.
Coverage for personal property used for maintenance and kept on site
Protection against lost rent income
Landlord liability coverage

Does Homeowners Insurance Handle Home Rentals?

Unfortunately, your homeowner's insurance only covers your home if you use it as a primary residence. It doesn't cover events that occur as a result of renting out your property.

You can ask your insurance company if they're willing to add your rental as another location on your policy. If they agree, you can save money because standalone landlord insurance may cost more money than bundling your coverage with your home insurance policy.

It may be worthwhile to find an agent and shop around for the best options available to you.

What Does Landlord Insurance Cover?

A comprehensive landlord insurance policy typically includes the following:

Property damage: This coverage provides peace of mind that your property is covered in case of a natural disaster, electric or gas malfunction, fire, and vandalism. Policies that offer replacement costs are more robust than those offering to reimburse you for the actual cash value of furnishings, fixtures, and other covered items.
Lost rental income: This insurance reimburses you if something occurs to make the home uninhabitable. This could include termites, mold, a sinkhole, rat infestation, or another covered event. Typically, you'll receive reimbursement for lost rental income.
Liability protection: This insurance protects you against legal or medical costs associated with a personal injury suffered by tenants or visitors. Covered incidents include events listed in the policy, such as a beehive or icy walkway.

When you find an insurance agent you can trust, you can also ask them about additional coverage options available with various insurance companies.

Additional Types of Coverage

Riders that expand your landlord insurance policy cost a bit more but may end up saving you money when compared to paying for a covered loss.

Common additional coverage may include the following:

Guaranteed income insurance: This coverage makes up the difference if your tenant doesn't pay all or part of the rent.
Flood insurance: Many landlords don't include flood damage in their insurance. However, you should add it if you own property in a designated flood zone.
Emergency coverage: This coverage pays for your travel expenses if you have to respond to an emergency such as a leaking dishwasher or tenant lockout.
Additional construction expenses: If you have to pay to bring your damaged building up to code, this coverage reimburses you for related construction expenses.

Insurance costs and coverage options vary by state and the insurance provider. So, always ask for landlord insurance quotes to help you narrow down your selection. For more information about landlord insurance, tenant screening, or property management in Philadelphia, PA or Baltimore, MD, get in touch with our team today.

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Weatherizing Your Home For The Summer

By Brent Khusid • April 30, 2024

Weatherizing Your Property for a Cool Summer: Tips for Northern Homeowners As the warmth of summer approaches, it’s time for Northern homeowners to prepare their properties for the seasonal shift. While most people associate weatherizing with winter, it’s equally important to ensure your home stays comfortable and energy-efficient during the hot summer months. From sealing air leaks to optimizing insulation, here are some essential tips for weatherizing your property in the North for a cool and pleasant summer. Seal Air Leaks: Air leaks not only let cool air escape but also allow warm, humid air to enter your home, making your cooling system work harder. Inspect windows, doors, and any other openings for cracks and gaps. Caulk or weatherstrip these areas to prevent air leakage and improve energy efficiency. Insulate Attics and Basements: Proper insulation is key to maintaining a comfortable indoor temperature year-round. In the summer, insulation helps keep cool air inside and prevents hot outdoor air from seeping in. Ensure that your attic and basement are adequately insulated to minimize heat transfer. Install Energy-Efficient Windows: Windows are significant contributors to heat gain in homes. Consider upgrading to energy-efficient windows that are designed to reduce heat transfer and block harmful UV rays. Additionally, installing window treatments such as blinds or curtains can further enhance energy efficiency by providing shade and insulation. Use Fans Strategically: Ceiling fans and portable fans are cost-effective ways to improve air circulation and create a cooling breeze indoors. In the summer, set your ceiling fans to rotate counterclockwise to push cool air downward. Use portable fans to direct airflow toward occupied areas, allowing you to raise the thermostat temperature without sacrificing comfort. Maintain Your Cooling System: Before the summer heat sets in, schedule a professional inspection and maintenance service for your air conditioning system. Clean or replace air filters regularly to ensure optimal airflow and efficiency. Consider upgrading to a programmable thermostat to regulate indoor temperatures and save energy when you’re away from home. Shade Your Home’s Exterior: External shading can significantly reduce solar heat gain and lower indoor temperatures. Planting trees strategically around your property can provide natural shade and enhance curb appeal. Installing awnings, pergolas, or trellises over windows and outdoor living spaces can also block direct sunlight and keep your home cooler. Use Reflective Roofing Materials: If you’re due for a roof replacement or renovation, consider opting for reflective roofing materials. Light-colored roofs or those coated with reflective coatings can reflect sunlight away from your home, reducing heat absorption and lowering indoor temperatures. Minimize Heat Sources: Appliances and electronics generate heat when in use, contributing to the overall thermal load in your home. Minimize heat gain by using energy-efficient appliances, turning off unnecessary electronics, and avoiding activities that generate excess heat during the hottest parts of the day. Seal Ductwork: Leaky ducts can result in significant energy losses and reduce the effectiveness of your cooling system. Inspect your ductwork for leaks, gaps, or disconnected joints, and seal them using mastic sealant or metal tape. Properly sealed ducts ensure that cooled air reaches its intended destination efficiently. Schedule a Home Energy Audit: Consider scheduling a professional home energy audit to identify areas for improvement and prioritize energy-saving upgrades. An energy audit can help you pinpoint inefficiencies in your home’s thermal envelope and HVAC system, allowing you to make informed decisions about weatherization and energy conservation measures. By taking proactive steps to weatherize your property for the summer, Northern homeowners can enjoy a cooler, more comfortable indoor environment while reducing energy consumption and utility costs. Whether you’re sealing air leaks, upgrading insulation, or optimizing your cooling system, investing in weatherization now can pay dividends in energy savings and home comfort for years to come. So, gear up for a cool and enjoyable summer by preparing your home to beat the heat!

How to Make Your Rental Stand Out for the Spring and Summer

By Brent Khusid • March 29, 2024

5 Ways to Make Your Property Stand Out as Spring and Summer Approach As the temperatures rise and nature begins to bloom, it’s the perfect time to elevate the appeal of your property. Whether you're preparing to sell, rent, or simply want to enjoy a refreshed atmosphere, spring and summer offer fantastic opportunities to enhance your property's allure. Here are five effective ways to make your property stand out as the vibrant seasons approach: 1. Enhance Curb Appeal The exterior of your property is the first thing visitors notice, so it's crucial to make a stellar first impression. Start by tidying up the landscaping: mow the lawn, trim bushes and hedges, and add fresh mulch to flower beds. Plant colorful flowers that thrive in the warmer weather to add pops of color and charm. Additionally, consider giving your front door a fresh coat of paint or adding stylish house numbers and outdoor lighting fixtures to create an inviting entrance. 2. Create Outdoor Living Spaces Take advantage of the warmer weather by creating outdoor living spaces that encourage relaxation and entertainment. Whether you have a spacious backyard or a cozy balcony, investing in comfortable outdoor furniture, such as lounge chairs, dining sets, or hammocks, can transform your outdoor area into a retreat. Add finishing touches like outdoor rugs, throw pillows, and potted plants to create a welcoming ambiance where residents and guests can unwind and enjoy the sunshine. 3. Add Seasonal Décor Embrace the spirit of the season by incorporating seasonal décor into your property's interior and exterior spaces. Swap out heavy winter textiles for lighter fabrics and bright, cheerful colors that reflect the energy of spring and summer. Consider placing vases of freshly cut flowers throughout your home, displaying vibrant artwork, or updating throw pillows and bedding with floral patterns or tropical motifs. Outside, hang festive banners, string lights, or place potted plants and hanging baskets to add a touch of seasonal charm. 4. Upgrade Outdoor Amenities Make your property a desirable destination by upgrading outdoor amenities that cater to warm-weather activities. Install a barbecue grill or outdoor kitchen area for al fresco dining experiences, set up a fire pit or outdoor fireplace for cozy gatherings on cool evenings, or add a swimming pool or hot tub for refreshing dips and relaxation. Providing these outdoor amenities not only enhances the enjoyment of your property but also increases its appeal to potential buyers or renters seeking a resort-like lifestyle. 5. Highlight Natural Light Maximize the influx of natural light that comes with the longer days of spring and summer by showcasing your property's windows and outdoor views. Remove heavy drapes or curtains and opt for sheer or lightweight window treatments that allow sunlight to filter in while maintaining privacy. Rearrange furniture to capitalize on natural light sources and create bright, airy spaces that feel open and inviting. Additionally, consider adding mirrors strategically to reflect light and make rooms appear larger and more spacious. By implementing these strategies, you can make your property stand out as spring and summer approach, creating an inviting and appealing environment for residents and guests alike. Whether you're looking to sell, rent, or simply enjoy your home to the fullest, embracing the vibrancy of the seasons will enhance the beauty and functionality of your property. So, seize the opportunity to refresh your surroundings and make the most of the warmer months ahead!

Unveiling Pittsburgh's Real Estate Market

By Brent Khusid • February 29, 2024

As Pittsburgh, Pennsylvania, undergoes a renaissance, its real estate market stands as a beacon of opportunity for investors seeking long-term returns and stability. In this article, we delve into the dynamics of Pittsburgh's real estate market and outline the best strategies for investing in this burgeoning city.