Landlord Insurance, Rental Property Insurance, and Vacant Home Insurance in Kokomo, Westfield, Logansport, Carmel, IN, and the Surrounding Areas
Rental properties are all over in Kokomo, Westfield, Logansport, Carmel, IN, and the surrounding areas, and if you have rental property then you may know that normal homeowner’s insurance isn’t the right policy to protect things. Our team at Killingbeck Insurance & Tax Preparation can help you to get the right landlord insurance in place that is designed for rental properties. And while much of the policy is similar to home insurance for private homes, these policies do not cover the belongings of the tenant. Rental property insurance will cover any property damage from natural disasters and will protect you if someone gets injured on the property or your tenant sues you for damages. Some policies may even provide for loss of rental income when covered damages require the tenant to move out temporarily. When you want to have a rental property, be sure to contact our team right away to get the right landlord insurance in place.
Rental Property Insurance
Rental property, such as single-family homes or duplexes, has the purpose to make money for the person who owns the property. But because they don’t live in the rental property, they need a different kind of property insurance. This where landlord insurance, sometimes called rental property insurance, comes into the picture. Where home insurance covers your belongings as well as the structure, landlord insurance only covers the structure of the home. Any belongings that a renter has will need to be covered by renters’ insurance.
You may have some furniture in the rental unit, which you can also include in your rental property insurance policy. You may also want to look into having loss of use coverage for your rental property, as this will provide you with income while your home is being repaired due to a covered peril and you cannot gain any income while the rental property is being repaired.
When To Get Vacant Property Insurance
While you may not want to rent out your property, you also don’t have cause to live there for a period of time as well. In this case, you will need to look into vacant property insurance. For example, an inherited home that is going to be sold, but in the meantime will still need to be protected from perils is an example of a vacant home. This policy is different from a rental property insurance policy and may cover different things. Our team can help explain the differences.
Owning property in Kokomo, Westfield, Logansport, Carmel, IN, and the surrounding areas is a goal of many, but this large investment of money should also be protected from a variety of different risks. At Killingbeck Insurance & Tax Preparation, we can help you to get the right protection for your property, whether it is your home, a rental property, or a vacant property. Contact us today to learn more about all of these options.