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You worked hard so that you could purchase an investment property to help get a steady stream of rental income.  Maybe you are using that income to pay down the mortgage on the rental dwelling, maybe you are paying down your own mortgage, or maybe you are on a yacht somewhere sipping champagne and eating caviar?

Either way; you own a home that you are renting out to another person on a long term basis.  There are specific policies to help protect not only your investment, but also your other assets as well.

LandLord Protection Policies (LLP) sometimes called Dwelling Fire Policies are intended to cover a dwelling that you own, and that you rent out to another individual on a longer term basis.  There are many different types of home ownership setups, number of units within the home, and so much more.  These are all items you need to speak about with your insurance agent.

Did you know that a majority of landlord protection policies do not cover AirBNB/Vrbo type rentals?  It’s true.  Many people think that they have coverage under their LLP for risks like this, but a majority of insurance carriers do not like short term rentals like these.

Did you know that a majority of LLP Carriers limit the number of properties a person can own?  Also true.  Some insurance carriers will make you setup a commercial insurance policy if you own more then 5, 10, 15+ rentals.  They are all different, so this is also something you need to discuss with your agent.

Another scenario we run into quite often is a property that is titled in the name of an LLC, or a trust, or something entity name other than that of an individual.  Depending on your circumstances you may not need a commercial policy to cover this property.  Some insurance carriers will insure your property on a Personal Lines LLP if the circumstances allow.  Again, something you need to discuss with your agent.

There are many policy options that vary from carrier to carrier.  Some include special endorsements while others don’t even offer them.  You need to sit down with your insurance agent to discuss what is important to you.

In fact, instead of speaking with your agent about this….reach out to us today!