According to the recent survey in the state of Florida, there are about 1.9million rented homes, which makes approx 29.9% of total housing in the state. Homeowners insurance for rental property is not a complex thing to understand. If you’re a Landlord who has rented out his property in the State of Florida, your investment can become safe by our reasonable and customized Landlord insurance policy.
Learn Why You Need A Landlord Specialized Insurance Plan
If you become Landlord for the first time, you might have no idea about protecting your rented investment. A traditional homeowner insurance policy is not what you need. In fact, for your rental property you specifically need a landlord insurance policy. This policy type meets the coverage needs of landlords who have rented out their properties to tenants. Unless you specifically have this policy, you cannot claim for the damages from your insurance company.
Insurance for rental property covers the structure of your house, personal properties such as appliances, lights, fixtures and fittings, carpeting etc unless otherwise provided. Also, as a homeowner, you need not to worry about your tenant’s belongings and coverage plan. They are themselves responsible for Renter’s insurance policy.
Protection Against Liability
An ideal aspect of Rental property insurance is the liability coverage plan it offers to you. This type of coverage can also protect you from minor pocket expenses like if your tenant or his/her guests do any property damage, only if your coverage plan has this clause. So you need to be very cautious before choosing your Homeowner insurance plan.
Let’s have a look at certain examples for which a Landlord might hold liable:
What If My Home Become Uninhabitable?
If any of the above or other problems for which you can be held liable and your home had been declared unsuitable or uninhabitable then you may be required to reimburse your tenant (who are residing only for the temporary housing purpose) for the cost associated with their meals and lodging purpose.
Compare Your Landlord Rental Property Insurance Cost In Florida
It is necessary to compare your current insurance quotes with the other insurance companies if you want to be sure that your rates are reasonable and your coverage gives you a comprehensive plan. You can contact us to know more about our policies and rates and to get the best plan for you.