A property policy available for owners of dwellings who rent to others. Owners usually insure the building, unattached buildings, loss of rents, liability, and medical payments. As a rental property owner, your own home and all of your personal assets can be exposed to losses that happen at the rental property. For this reason, we highly recommend to all rental property owners that they purchase an umbrella policy with high limits. Also, some policies provide coverage for vandalism damage caused by tenants, while most do not.
You may need workers compensation coverage if you hire anyone to maintain or clean the property. The Workers Compensation laws include casual employees, and the only way to protect yourself from injuries sustained by employees is by purchasing workers compensation policy.
If your rental property is in a flood area, you should consider purchasing flood insurance.
Many property owners confuse homeowner’s policies with rental property insurance programs. As a general rule, properties that are rented are not eligible for the broad coverage and low rates of a homeowner’s form. In addition, some homeowner’s policies remove coverage if the property is rented. It is important to deal with an insurance agency that has the experience and markets to handle the insurance needs of rental property owners. Anderson Insurance Agency has been writing insurance for rental properties for almost 40 years, and we can place your shore property with respected carriers if you qualify.
Premiums are generally more expensive than owner-occupied dwellings, and you need the expertise of the Anderson Insurance Agency to make sure you purchase the right insurance for you!
Sound confusing? It is. That’s why you need to speak with an experienced professional at Anderson Insurance Agency.
Anderson Insurance Agency has been insuring Rental Properties for almost 40 years. We represent some of the most respected and competitive insurance companies in New Jersey. If you’d like to know more about personal insurance, Click here to request a quote or click here to contact us.