Rental Property Insurance in Greenville, SC
If you own rental property, having insurance is essential to protect your investment. Unlike standard homeowners insurance, which may not provide sufficient coverage for rental properties, rental property insurance is tailored specifically for landlords. Effective risk management is vital for anyone involved in property leasing.
What Is Rental Property Insurance? 
Rental property coverage, also known as landlord insurance, is designed to financially protect property owners who rent out their properties. It’s important to note that rental property policies differ from homeowners insurance, as it specifically addresses the risks associated with tenants.
What Does Rental Property Insurance Cover?
The following are the typical coverage options included in a rental property policy:
- Dwelling coverage can financially protect against damage to the building itself. Whether it’s structural damage from a storm or an accidental fire, this coverage helps keep your investment secure.
- Liability coverage can help cover legal and medical expenses if you’re held responsible for incidents involving a third party on your property.
- Loss of rental income can compensate for lost income if you can’t collect rent due to a covered event, such as a fire or burst pipe.
- Contents insurance can financially protect furniture or appliances provided for tenant use. It can also financially cover personal property stored on-site for property maintenance, like a lawnmower or snowblower.
Are Rental Property Policies Mandatory?
Rental property coverage is generally not mandated by law, but it is strongly advised for landlords. Some states or local jurisdictions might have specific requirements. Additionally, mortgage lenders often require landlords to insure rental properties as a loan condition.
Learn More
Contact Super Insurance Discounts to discuss rental property coverage.