Whether you’ve just begun renting out your apartment, condo or home, or you’ve been a Connecticut landlord for years, it’s always a good idea to check up on your rental property insurance coverage to make sure that you and your home are properly protected. While you have someone living in your property, there should be a policy in place to cover structural damages and liability should something go wrong.
Your tenants should have renters insurance policies to protect their belongings, and for their own liability protection, but landlords should be sure that they are covered on their end as well. Even though you are not living on the property yourself, you are still the property owner. While you are not required, it is still a good idea to protect the property and the structure that stands on the property with a landlord’s insurance policy.
Your basic coverage should protect the following:
- The dwelling
- Detached structures
- Attached structures
- Personal property left on-site for maintenance or tenants use (ex. Appliances, yard power tools, furniture, etc.)
- Liability coverage
- Loss of rental income coverage
While the first few items on the list are fairly straight-forward, many landlord’s do not understand the benefit of having coverage for liability and lost rental income.
Landlord liability coverage protects you against tenants or guests that are hurt on the property. Should one of your tenants or one of their guests fall on your property or hurt themselves by means of something on your property, they can sue you for medical expenses, lost wages and other damages. You will not only be responsible to fix the problem on your property to avoid any future accidents, but you will also be responsible for legal fees, defense costs, medical bills, etc. These costs can certainly add up beyond your means. With the proper landlord liability coverage, the stress of paying for everything on your own is largely diminished. For extra protection, ask your agent about a CT umbrella insurance policy.
Loss of rental income coverage protects landlords should the home you provide become inhabitable. Should something like a natural disaster or a fire occur and your property is no longer live-able, you are then left with property that cannot help you collect income. With loss of income coverage, as long as you are making repairs on the building, you can still receive the income you were collecting before. You can then ensure that your building repairs get the proper attention. The property damages themselves will be covered under your property insurance as well. For protection against other natural disasters, you should consider a flood insurance or earthquake insurance policy.
For all of you CT residents, test your knowledge with these fun facts about our state:
- The first women-only golf tournament was held on June 12, 1917 in Waterbury.
- The “Battle of the Frogs” occurred in 1754 in Willimantic, where four 11-foot-tall green frogs now sit on the 500-foot bridge that crosses the Willimantic River.
- New Hartford’s “Town Bicentennial Emblem” was designed by a 7-year-old named James.
For first time landlords, the agents at Encharter Insurance can help you design a policy with the proper coverage to keep you and your property protected. For experienced landlords, our agents can walk through your policy with you to ensure that you have the coverage you need, at an affordable rate. Like your other policies, such as your auto insurance, rental property insurance can increase based on factors specific to the state of Connecticut. By letting our agents do the shopping for you, we can make sure that you’re paying the best price. Be sure to ask if there are additional discounts that you can qualify for to make the cost that much more affordable.
No matter if you’re renting out a 1 family, 2/3 family, personal or commercial property, our agents can find a policy to fit your needs. It is helpful to have the following information on hand when trying to get a dwelling fire insurance quote:
- Mortgagee name and address
- Details of any losses within the past 6 years
- Year the home was built
- Updates to the heating, plumbing or electrical systems
- Updates to the roof
Call Encharter today at 888.754.8299 or fill out our online form to get your rental property insurance quote in CT!