Landlord Protection Insurance
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Whether you are holding on to a former residence or building a real estate investment business there are big decisions you need to make concerning protecting your property. Landlord insurance protects your valuable asset from loss and is very competitively priced. Our team of friendly and knowledgeable agents can give you insight into loss prevention tips and make shopping for your insurance quick and easy.
Landlord Insurance 101- THE BASICS
What do I need to know?
Landlord Insurance is made up of a few different policies. Here are a few policies to consider.
- Dwelling Fire– Basic Form 1 (DP-1)- the most basic of all dwelling policies. A DP-1 only insures against the perils specifically named in the policy. Most common causes of damage, such as fire, hail, and lightning are usually listed as a covered peril, but coverage against worrisome issues such as vandalism, theft, and water damage are NOT included. Claims are settled on anactual cash value (ACV) basis. Liability may or may not be available to be included. A DP-1 can be used to cover a vacant home.
- Dwelling fire– Broad Form 2 (DP-2)- Provides broader coverage than the DP-1 and is often a bit more expensive. A DP-2 offers the same coverage as the DP-1, but it will settle claims on a replacement cost basis. DP-2 policies include coverage for vandalism and malicious mischief (VM&M) and, if you choose to pay the extra premium, you may often add an endorsement for coverage against the ‘Accidental Discharge’ of water. A DP-2 is NOT available for vacant homes.
- Dwelling Fire-Special Form 3- DP-3- A DP-3 is the best policy you can purchase for your rental properties. Unlike the DP-1 and DP-2, the DP-3 is an “All Risk” policy which means everything is covered unless specifically excluded from the policy. It is the most expensive of the three forms, but is well worth the cost (considering it is protecting your investment). claims are automatically settled on a ‘replacement cost’ basis and coverage against vandalism and malicious mischief (VM&M) and water damage (‘accidental discharge’) are also included. Not all companies offer a DP-3, and it is not eligible for covering vacant properties.
Vacant Property? No Problem
A vacant property can sometimes be a challenge to properly insure. If you have a vacant property contact one of our friendly agents to discuss options with you. We have partnered with many carriers that offer very cost friendly solutions.
If you currently own or manage rental property or are thinking about getting started. Please contact one of our agents to assist you in your search. Integrity Personal Insurance offers many inexpensive options and can help you take the guess work out of this important decision.