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.
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:
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.
A comprehensive landlord insurance policy typically includes the following:
When you find an insurance agent you can trust, you can also ask them about additional coverage options available with various insurance companies.
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:
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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