Being a homeowner is a one-of-a-kind experience, but being a landlord comes with a whole new set of circumstances. This unique situation requires unique insurance, tailored just right to the needs of a landlord renting out to tenants. Our Santa Monica insurance center has premium coverage available to you when you decide to move forward with renting out your property.
Start with the basics. Dwelling protection is a must- it covers your property as well as structures attached to it (such as a deck), should they encounter a covered incident. You can also purchase the “other structures” coverage, which exists to protect structures that are separate from the actual rental property. That means a shed, a garage, or even a guest house or barn- Santa Monica residents can count on our landlord insurance to keep every corner of their property covered.
Keep Your Castle Covered in Hawthorne
You’re sure that the unit you’re renting out is the best it can be, but sometimes things change. Vandalism, burglary, accidents that result in liability issues- these are just a few incidents you may encounter in your time as a landlord that damage your property. Don’t get caught without coverage for these events. Fair rental income coverage is especially important: should your rental become uninhabitable due to a covered loss, we’ll cover up to 12 months’ worth of rental income if your tenants must move out. When you’re repairing the property after a covered loss, it may be a good idea to purchase building code insurance. This will help with costs incurred by enforcing the building codes and ordinances that regulate the work on your building, such as repairs, construction, or demolition.
Additionally, if your rental unit needs a little sprucing up, don’t worry! You can purchase coverage for the unit that takes care of the time frame before it’s ready for occupancy. Get your renovations going with peace of mind.
Don’t let the burden of insurance weigh too much on your mind. Request a quote from us today and we’ll get things going to make sure you have the best coverage for your rental property.