Owner Resources

Insurance is the single most important purchase owners can make for their property. Knowing the difference between standard property insurance and investor insurance is a must to protect your property, potentially saving you thousands.

Policy Type: 
Most homes are covered by homeowner's policies.  But these policies will not cover a property unless you live in it.  Make sure you switch to a dwelling policy which covers rentals. This type of policy may also cover lost rent during renovation processes.

Medical Expense Coverage: 
Some policies provide immediate medical coverage for injuries that happen on your property, whether you are liable or not.

Landlord Liability Protection: 
Coverage of at least $300,000 to $500,000 is needed to not only cover actual damages, but also legal fees. Make sure your policy covers everything needed.

100% Replacement Cost: 
You want the funds to completely rebuild your property in the event of a catastrophic event causing a total loss. Speak to your insurer about the recommended amount needed to cover this vital need.

Water and Steam damage: 
Make sure your policy covers plumbing issues such as water heater bursts, pipe bursts, and other plumbing disasters that can cost hundreds, or even thousands.

Commercial Umbrella Liability Policy: 
Get additional insurance, on top of your liability policy, to provide extra security against legal and financial accidents that can create havoc on your budget.

Additional Insured: 
Make sure you add your property management company as an additionally insured.  Reputable insurance companies usually provide this at no additional cost. In many states, it's the law.

Vacancy Clause: 
Most dwelling policies lapse coverage if a property is left vacant for 60 days or longer.  Make sure your policy allows a quick switch to a vacant home policy to cover it during vacancies.