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Understanding rental property insurance
1.
2. Understanding Rental Property Insurance
The proper rental property insurance coverage can protect you from
losses caused by many dangers, including fire, storms, burglary,
and vandalism. A comprehensive policy also includes liability
insurance, covering injuries or losses suffered by others as the result
of defective or dangerous conditions on the property. Liability
insurance also covers the legal costs of defending personal injury
lawsuits - a valuable feature because the legal defense costs of these
cases are commonly much greater than the ultimate award of
damages, if any.
3. Common coverage's
The following list describes the three levels of coverage available
for primary policies, all of which include liability coverage. Many
property insurance companies offer competitive insurance packages
especially designed to meet the needs of rental property owners, so
remember to shop around.
4. Basic coverage:
Most companies offer a basic coverage package that insures your
investment rental property against loss from fire, lightning,
explosion, windstorm or hail, smoke, aircraft or vehicles, riot or civil
commotion, vandalism, sprinkler leakage, and even volcanic
eruptions.
5. This coverage often doesn't include certain contents, such as boilers,
equipment, and machinery unless specifically added as an
endorsement. Based on the type of property you have, you may need
to consult with your insurance agent about additional coverage that
may be beneficial.
6. But just because you own a small retail strip center with a couple of
plate glass windows doesn't mean you need to have the special
coverage that's offered. Insurance companies often have minimum
policy premiums, so certain insurable items and acts aren't worth
insuring because the potential for a claim is minimal and the costs
are high.
7. Broad-form coverage:
You get the basic package, plus protection against losses of glass
breakage, falling objects, weight of snow or ice, water damage
associated with plumbing problems, and collapse from certain
specific causes.
Special form:
This coverage is the broadest available and covers your property
against all losses, except those specifically excluded from the
policy. It offers the highest level of protection but is typically more
expensive.
8. An insurance company can pay owners for losses in two
ways:
Actual cash value: The coverage pays the cost of replacing
property less physical depreciation. The standard policies most
insurance companies offer provide for actual cash value coverage
only.
Replacement cost: This coverage pays the cost of replacing the
property without subtracting for physical depreciation. You must
specifically have an endorsement and pay extra for replacement cost
coverage. However, we do encourage you to purchase it.
9. As with homeowners' insurance policies, the location, age, type, and
quality of construction of your property are significant factors in
determining your insurance premiums. Be sure to get an insurance
estimate before you buy your property to avoid unpleasant surprises
(older properties with wood shake shingles located away from fire
protection may not even be insurable, for example) and realize the
benefits of lower risk properties. For example, newer commercial
buildings, and even some residential proper- ties, were constructed
with fire sprinklers and alarms that reduce your insurance premiums -
so do as monitored intrusion alarms).
10. Some insurance companies have a coinsurance clause that requires
rental property owners to carry a minimum amount of coverage. If
you carry less than the minimum amount of coverage, the insurance
company imposes a coinsurance penalty that reduces the payment on
the loss by the same percentage of the insurance shortfall. For
example, if you carry only $1 million in coverage when you should
have $2 million, you're only carrying 50 percent of the minimum
required insured value. If the building suffers a loss, the insurance
company pays only 50 percent of the loss.
11. Many rental property owners first become investors by renting out
their former personal residences when they buy new homes. They
may not realize they should immediately contact their insurance
agent and have their home- owner’s policy converted to a landlord's
policy, which contains special cover- age riders that aren't in the
typical homeowner's policy. Because of the increased liability risk
for rental properties, some insurance companies may not even offer
this coverage, whereas others specialize in this business. Either way,
obtains proper landlord's coverage for your rental property, or you
may face the possibility of having your claim denied.
12. If you own multiple investment or rental properties, consider
A single insurance policy that covers all locations:
Rather than have separate policies for each rental property, you can
get better coverage with a single policy. For example, if you currently
have three properties each with a $1 million policy, you could get a
single policy with a $3 mil- lion limit at a more competitive cost.
An aggregate deductible:
An aggregate deductible is the portion of your loss that you essentially
self-insure, because the losses at any of your three properties can go
toward meeting the aggregate deductible.
13. Excess liability (umbrella) coverage:
Excess liability (umbrella) coverage can be a cost-effective way to
dramatically increase your liability protection and is designed to
supplement your main or basic policies. An umbrella policy provides
both additional and broader coverage beyond the limits of the basic
commercial general liability insurance and other liability coverage
and this coverage is only available after the primary policy limits
have been exhausted.
14. Your primary policy may have liability limits of $500,000 or $1
million, but an umbrella policy can provide an additional $1 million
in vital coverage at a cost of $2,000 to $4,000 per year. Depending on
the value of your property and the value of the assets you're seeking
to protect, buying an umbrella liability policy with higher limits may
make sense. Umbrella policies are avail- able in increments of $1
million with even lower rates per dollar of coverage as the limits go
higher. The most common umbrella coverage amount for the owners
of large investment properties now is $5 million at an annual cost of
approximately $7,500 to $12,000.
15. Purchase your property insurance policy from the same company that
handles your underlying primary liability insurance package.
The reason: If you have two different insurers rather than just one,
the companies may have different agendas if legal problems arise.
Source: http://planet.infowars.com/business/understanding-rental-
property-insurance