Northeast Metrowest Insurance Agency

Rental Property Insurance

At Northeast-MetroWest Insurance Agency, you can rely on us to be your trusted insurance agency and help provide you with the coverage you need. As we are an independent insurance agency, we will help match our clients with the right insurance provider with a tailored policy to fit their needs. We offer multiple property insurance options, including Rental Property Insurance.

If you are a landlord of rental properties, then you know that there are many risks involved such as damage to the property, loss of income due to a renter’s failure to pay as well as liability costs. Renting your home as a vacation rental, investment property or a rental property is an asset that you need to protect. Keep reading to learn more about Rental Property Insurance.

What Does Rental Property Insurance Cover?

Most rental property insurance policies cover the structure of the property. If there is any physical damage done to the house, such as walls, windows or floors. It will not, however, cover any personal belongings of the tenant. Damages caused by natural disasters or fire may not be included in this coverage. Rental property insurance is specifically designed to cover any items that belong to you, the landlord. This means that if you have left something on the rental property, such as an air conditioner, and it is damaged, it will be covered under this policy. It also includes liability coverage in the event that someone were to be injured on your property. If you are held responsible for these injuries, this coverage will provide assistance for any medical costs. Loss of rental income coverage offers protection in the event that your building becomes uninhabitable. It will therefore cover the payments that your tenants will not be required to pay during that time.

Do You Need It If You Have Homeowners Insurance?

Most features of this type of coverage are very similar to homeowners insurance, yet it offers several options that a homeowners policy does not cover. If you are renting out your home for a long period of time, (six months or longer) then it is very likely that your homeowners coverage will not be sufficient. Consider the higher risks as you are not living on the property, and therefore many liability issues could arise.

Different Types of Rental Property Insurance

If you are only renting your home for a short period of time, (such as for a weekend) then rental property insurance should not be necessary. Renting your property for short intervals of time consistently is considered more of a business type of income and will require a commercial property insurance.

Since 1989, Northeast-MetroWest Insurance Agency has provided reliable insurance services in Massachusetts. We work with over 25 insurance carriers to help you find an insurance policy that covers your specific needs. We offer a personal touch to ensure that your belongings and assets are safe and secure. Give us a call at 800-443-7007.

Since 1989, Northeast-MetroWest Insurance Agency has provided reliable insurance services in Massachusetts. We work with over 25 insurance carriers to help you find an insurance policy that covers your property’s specific needs. We offer a personal touch to ensure that your belongings and assets are safe and secure. Click the button below to receive a Free Rental Property Insurance Quote.