How to insure your rentals properly

by Nate Jones, CPCU, ARM, CLCS, AU - Wexford Insurance - Greenwood, Indiana

Having a rental property or properties can provide you and your family a nice passive income on a monthly basis. Making sure your rentals are insured properly is an important task is properly managing your rental property business. ​ Rental Property Insurance or also known as Landlords Insurance Coverage is similar to a homeowners policy but has a couple of differences that make insuring your rentals on Rental Property Insurance Policy the best option over the common homeowners form. ​ Key Differences with insuring your rental on a Dwelling Policy:

• Loss of Rental Income: Under a Rental Property Insurance Policy, Loss of Rental Income will reimburse you for loss of rental income due to a covered loss at the premises that makes the property uninhabitable.

• Dwelling Coverage: This coverage insures the house/apartment itself from similar perils like a homeowners insurance policy.

• Coverage for the Landlords Personal Property: Any property that is stored at the rental that is yours. Lawn mowers, AC Unit, etc.

• Vandalism Endorsement: This added coverage protects the landlord if a tenant causes deliberate damage to the home.

​ Examples of Rental Properties we currently Insure:

• Single Family Home Rentals

• Multifamily Home Rentals

• Duplex

• Triplex

• Quadplex

• Small Apartment Complex

• Large Multi-Story Apartment Complex

• Vacation VBRO Rental Insurance

• Air BNB Rental Insurance

• Condo Rentals

• Hotels

• Motels

Free Assistance: Wexford Insurance works with top insurance companies to provide you with affordable and quality insurance. We will never sell your information and our services are free of charge. Give us a call today at (317) 910-9295.

www.wexfordins.com