Old Bay Insurance Agency Blog
Your rental business is one of your most valuable assets, and it needs proper and adequate protection. To safeguard your property from unwanted events, you must choose the best-fitting policy or even policies. But with so many options to choose from, it can be challenging to select the right property or landlord insurance. Keep in mind that your property's insurance will always depend on your specific needs. Here are a few property insurances you may want to consider.
Rental Property Insurance
Also called Landlord insurance, this policy covers protection for the buildings and structures on the property itself. This policy also provides coverage for items used to service the property. This type of insurance is best if you intend to have your property rented out for long periods. This policy will be best to protect your property from risks associated with tenants renting out the place.
Home-owners Insurance Policy
Also known as home insurance, this policy generally provides financial protection for your home and even your personal belongings. It protects you from the destruction of the property's interior and exterior structure. However, you may only obtain this policy if you are renting out a part of your home to tenants. This type of insurance is also applicable for short term leasing only. Home insurance covers your property from events such as natural disasters and acts of war.
Both types of insurances cover for the following:
The umbrella policy acts as an umbrella over all your existing rental insurances. Because your landlord insurance has a liability limit, the umbrella policy works by covering the balance that your other guarantees may not include.
Renting out your property to others involves a lot of risks. You must pick the right property insurance for your rental business to be successful. As it will not protect not only your business but your revenue stream as well, the right property insurance is the best investment.
At Old Bay Insurance Agency, Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (410) 777-5390. You can also request a free quote by CLICKING HERE.