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Rental Property & Dwelling Fire Insurance in NJ, NY, and PA
Owning a rental property presents a unique risk, and the insurance needs are different than they are for a home you own and live in. In addition to providing replacement cost for the dwelling, based on your policy limits, having rental property insurance can protect you by covering lost income in the event of a covered claim.
We recommend encouraging your tenant to have a policy which covers their personal belongings. They may not understand how insurance works and assume you would provide this coverage for them.
If you rent out a home that you own, you will want to have protection in place in the event of an accident, fire, or disaster of some kind. Let us help you determine coverage needs for your rental property.
Types of Rental Property Insurance
Birtwhistle & Livingston wants to help each of our clients find the right insurance product. There are many different types of insurance that can apply to rental properties. These include:
Landlord insurance protects a landlord from damage to the property. It also protects the landlord from liability claims if someone is injured or suffers property loss at the property. Since the landlord does not live in the property or use the property to store personal belongings, landlord insurance does not typically cover the items inside the home. It just protects against damage to the property itself and liability claims.
Renters insurance is vital protection for renters to have. It protects against loss of property due to a theft or natural disaster. Because landlord insurance does not cover the contents of the building, just the building itself, renters need to purchase their own policies to protect their belongings.
Dwelling Fire Insurance
Dwelling fire insurance is a special type of policy for rental homes and properties. It protects against damage to the dwelling that occurs if a fire takes place. This insurance coverage adds an additional layer of protection from fire, which landlords may want to protect their investment.
To choose the right coverage as a landlord or renter, reach out to Birtwhistle & Livingston for assistance. Call (201) 568-5001 for more information.
How You Benefit from Rental Property Insurance
With the right rental property policy, you benefit in several ways. As a landlord, you enjoy:
Protection against damage to the property
Protection against damage from the tenants
Protection against liability if someone is injured on the property
Protection from theft of items like appliances in the property
As a tenant, you enjoy:
Protection from theft of your belongings
Protection of damage to your belongings in a natural disaster
Reach out to our team today to start enjoying these benefits.
Why Choose Birtwhistle & Livingston for Rental Property Insurance?
Both landlords and tenants need rental property insurance for their financial protection. Our various policy options ensure you can get the perfect fit. Protect your belongings and investment with the right insurance policy in place.
Call our team at (201) 568-5001 or contact us online to discuss rental property insurance today.