Rental Property Insurance
Protect Your Investment: Comprehensive Coverage for Your Rental Property
Owning rental property is a significant investment; protecting it should be a top priority. Rental Property Insurance often called Dwelling Fire 1 (DP1) or Dwelling Fire 3 (DP3) policies offers coverage as a safeguard for your property and income against unexpected events. Whether you're renting out a single-family home, mobile home, or condo our policies can provide protection and peace of mind. Explore our options and find the perfect plan to ensure your investment is secure.
Short Term Rental vs Long Term Rental
When it comes to renting out your property, understanding the differences between short-term and long-term rentals is crucial for selecting the appropriate insurance coverage. Each rental type comes with its own risks and benefits, and having the right insurance can protect your investment.
Short-Term Rental vs. Long-Term Rental Insurance: Key Differences & Similarities
What is Short-Term vs Long-Term Rental?
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Short-Term Rental Insurance is designed to cover properties rented out nightly, weekly, or monthly. It typically includes dwelling, other structures, liability coverage, property damage protection, and loss of income due to property damage.
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Long-Term Rental Insurance focuses on properties leased for extended periods, usually annually. It generally includes standard landlord insurance coverage such as property damage, liability protection, and loss of rental income due to tenant defaults or significant repairs.
Coverage A - Dwelling
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Dwelling coverage is the amount your home is insured for. Typically, this coverage is Replacement Cost or the cost to rebuild/repair your house at a total loss rather than actual cash value (depreciated). Dwelling is ONLY the house itself, so this would not include fences, detached garages, or sheds.
Coverage B - Other Structures
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Other Structures help pay to repair or replace structures other than the home such as a shed, fence, detached garage, and more.
Coverage C - Personal Property
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Personal Property coverage covers personal items that are damaged or stolen due to a covered peril. Personal property is your personal belongings which can include clothes, furniture, electronics, etc. It is important to see if your homeowners insurance replaces personal property on an actual cash value or replacement cost basis. At Cheri Nelson Insurance, we always include replacement cost unless asked not to include. If you have expensive items such as jewelry, antiques, or artwork, then it is critical to "schedule" the item.
Coverage D - Fair Rental Value
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Fair Rental Value coverage may help pay for loss of income if your rental is unlivable due to a covered peril.
Coverage E - Personal Liability
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Personal Liability provides coverages for lawsuits from bodily injury or property damage to others from a covered occurrence.
Coverage F - Medical Payments to Others
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Medical Payments to Others help pay for minor medical expenses to the guest if injured on the property.
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