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5 Insurance tips for rental property owners


If you own rental property, having the right insurance is important.  Insurance on rental properties can be confusing and complicated. Here are 5 tips that will help you focus on getting the most bang for your buck.


  1. The named insured needs to match the deed.  Whether you own the property individually, or in a limited liability company or corporation, the insurance policy needs to match exactly.  This is important because if you have to file a claim, the check will be made out to the named insured. It is also important when it comes to liability coverage.  Some insurance carriers won’t insure properties owned by corporations, some will.

  2. Get business income/loss of use coverage.  This coverage will actually pay the rent if you have a claim and the house is unlivable.  If you have a covered loss, a fire for example, and your tenant can't live there, they probably won’t pay the rent.  Business income/loss of use coverage will pay you the lost rent up the limit of the policy. After hurricane Katrina, there were houses that took years to rebuild.  Don’t you think that business income/Loss of use is valuable if that happened?

  3. Replacement cost/Actual cash Value.  Try to get replacement cost coverage if possible.  Replacement cost means that the insurance company will rebuild the house at today’s cost.  Actual cash value means that the insurance company will depreciate the value of the house.

  4. Buy at least $300,000 of liability coverage.  Owning rental property with tenants is risky. If they slip and fall, you are going to be sued.  You want to have at least $300,000 of liability because the insurance company is going to fight a little harder that if you only had $100,000.  

  5. Insure the property for the replacement value instead of the market value.  If the house burned down, you will need to hire a builder to rebuild it. That builder is going to charge you whatever the going rate in your area is to get you back what you had.  The market value on some rental properties is VERY different that the replacement value. Make sure you understand the difference and insure it for the right value.


I hope these five tips will help you get the most bang for your insurance dollar.  If you have any questions, please don’t hesitate to call Darr Schackow insurance at 352-338-0552.  


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