Sunday, May 29, 2016

Top 7 Companies, those offer Landlord Insurance

Top 7 Companies, those offer Landlord Insurance.

What Is Landlord Insurance?
Landlord insurance provides coverage for property owners renting out one or more residential homes, apartments, or condos. As a landlord, you need protection from financial loss that may result from damages to a rental property due to fire, break-in, severe weather and more. You can get insurance to help cover loss of income in the event that your rental units become uninhabitable due to circumstances beyond your control.
The following companies are said to be the best in business,

1.                Allstate Insurance Group (ALL)
·                     Dwelling protection
Covers your rental property and the structures attached to it, like a deck, if something should happen to them.
·                     Other structures protection
Covers garages, sheds and other buildings that are separate from your rental property.
·                     Liability coverage
Covers you if you're sued after an accident, damage or loss related to your property. For example, you might have a lawsuit on your hands if your tenant injures himself on broken stairs in your rental.
·                     Fair rental income coverage
Helps pay the rental income you would otherwise lose if your rental becomes uninhabitable due to a covered loss and your tenants have to move out. You can keep the money coming in for up to 12 months while the unit is being repaired or rebuilt.

·                     Premises medical protection
This type of coverage can help pay for reasonable and necessary medical expenses if someone is injured in an accident on your rental property.
·                     Vandalism coverage
If your rental is vandalized, this add-on can help cover the cost to repair or replace what was damaged. It also provides coverage for belongings used for the rental property.
·                     Burglary coverage
In the event of a burglary, adding burglary coverage to your landlord insurance policy could help pay for the repairs or replacements your dwelling needs. It covers belongings used for your rental property as well.
·                     Rental property under construction
If you're renovating a rental property or building a new construction, this additional coverage could help cover the dwelling before it's ready for occupancy.
·                     Building code
When you're fixing things up after a covered loss, adding building code coverage to your landlord policy could help cover the increased cost of enforcing any building codes, ordinances or laws regulating the construction, reconstruction, maintenance, repair or demolition of your dwelling.

Additional Policies.

Landlord insurance can help protect you in many situations; however, there are a few events that aren't typically covered in landlord policies you might want to consider. These additional policies can help safeguard against flood damage and expensive lawsuits. Learn more about:
·                     Flood insurance
This policy can cover the damage done to your rental properties by floods, which are the #1 natural disaster in the U.S.*
·                     Personal umbrella insurance
You don't have to be a millionaire to be sued like one. Since owning multiple properties gives you more to lose in a major lawsuit, you may want the extra liability coverage personal umbrella insurance provides.

2.              MET Life
With either Landlord's Rental Dwelling Insurance or Landlord's Rental Condominium insurance from MetLife Auto & Home, you get*:
The following benefits are available with any policy you choose:
·                     Legal Defense/Court Costs
If you’re sued for a covered claim, MetLife Auto & Home will help pay burdensome attorneys’ fees, document preparation fees, and other related expenses.
·                     Water Backup Coverage
When you purchase this optional coverage with MetLife Auto & Home, you’re protected when water back ups and damages your investment property and/or contents inside the property that you own. Coverage includes spills and run-off from sewers, drains, and sump pump wells.
·                     24/7/365 Claim Service
No matter which policy you choose, you always have access to MetLife Auto & Home’s superior claim service. It’s fair, fast, and a representative is available to you any time of day, any day of the year.

3.              Liberty Mutual Insurance
·                     Your residential rental property; single-family, duplex, triplex and quad
·                     Other structures on the property such as sheds, garages, etc.
·                     Items on the premises you own such as microwaves, washers and dryers being used by your tenants - even tools you keep handy for repairs
Customize Your Policy
Owning an investment property presents specific insurance issues unique to your situation. Recognizing that, we offer landlord policies that can be tailored to your needs. Landlord Insurance coverage options available to you include:
·                     Liability: If a claim is made against you for accidental damage in relation to your investment property, Liberty Mutual will defend those claims, and pay those claims for which you are legally responsible, up to your policy limits.
·                     Fair Rental Value Coverage: If your property is deemed unlivable due to a covered loss, we'll reimburse you for the income you'll lose because your tenants will no longer be paying you rent.
·                     Inflation Protection: The cost of making repairs is increasing every day. With Inflation Protection Coverage, Liberty Mutual will automatically adjust your policy limits to keep pace with inflation - and you will receive a discount on your policy premium.
·                     Personal Injury Protection: If a claim is made against you for injuries arising out of libel, slander, invasion of privacy, wrongful eviction or wrongful entry.
·                     Lock replacement
Landlord Discounts
Landlords qualify for discounts, too. Liberty Mutual offers a variety of discounts on your Landlord Insurance policy to keep costs affordable.
·                     Multi-policy: For when you insure both your property and car with Liberty Mutual.
·                     Early Shopper: If your current insurance policy doesn't expire for a while, you could qualify for an early shopper discount.
·                     New/Renovated Home: Get a discount if your rental property is less than 13 years old or was recently renovated
·                     Exclusive Group Savings: Save on the cost of Landlord Insurance if you are a member or employee of any of the more than 14,000 employers, groups, credit unions or alumni associations that are a part of Liberty Mutual's affinity program.
Additional Landlord Benefits
As a responsible landlord, you deserve more than just basic insurance coverage; that's why Liberty Mutual provides additional benefits so you can focus on what matters most. Extra features of Liberty Mutual Landlord Insurance include:
·                     Emergency Repair Service
·                     24-Hour Claims Assistance
·                     Contractor Network Referral
·                     Manage Your Policy Online
·                     Convenient Payment Options
·                     Go paperless for bills and documents

4.              Safeco Landlord Protection insurance 

Coverage, Value and Price
Safeco provides a superior combination of coverage, value and price for you and your rental property.
Personal Advice
local Safeco agent can offer personal advice about product availability in your area and how much coverage is right for you.
We Make Insurance Easy
Get a landlord insurance quote in about five minutes. Get a policy that’s right for you in only a few minutes more.
24/7 Claims Service
A customer service representative is available to assist you around the clock, every day of the week.
Simple Billing Statements
Our billing statements are easy to read and understand.
Flexible Payment Options
Pay your bill in full or in monthly installments.
Financial Strength
Safeco Insurance is backed by the financial strength of Liberty Mutual Insurance.

5.              USAA Landlord Insurance

Income Replacement

While your property is being repaired or rebuilt due to damage from a covered loss, they'll pay your lost rental income.

Personal Liability Coverage

If a covered loss or injury occurs on your property, they'll pay for the associated legal fees and medical expenses.

Cover Multiple Properties

Get replacement cost coverage for up to 10 of your tenant-occupied rentals. they'll pay to replace the property and its contents if it's damaged by fire, vandalism and more.

Multi-Product Discount

Save up to 10% on Rental Property Insurance when you insure your primary property and auto.

6.              GEICO Umbrella Insurance
·                     Injuries
·                     Damage to property
·                     Certain lawsuits
·                     Personal liability situations listed below.

Bodily Injury Liability – covers the cost of damages to another person's
body. Examples include the cost of medical bills and/or liability claims as a result of:
·                     Injuries to other parties due to a serious auto accident where you are at fault
·                     Harm caused to others as a result of your dog (yeah, you probably should have taken him to obedience school)
·                     Injuries sustained by a guest in your home due to a fall
·                     Injuries sustained by a neighbor's child who falls while playing in your yard
Property Damage Liability – covers the cost of damage or loss to another person's tangible property. Examples include the cost associated with:
·                     Damage to vehicles and other property as a result of an auto accident where you are at fault
·                     Damage claims incurred when your pet rips a friend's priceless oriental rug to shreds
·                     Accidental damage to school property caused by your child (hey, you
·                      can't disown them)
Owners of Rental Units – helps protect against liability that you may face as a landlord. Examples include the cost of liability claims as a result of:
·                     Someone tripping over a crack in the sidewalk of your rental property and suing you for damages
·                     Your tenant's dog biting someone and you being held responsible for the injuries
Coverage is also provided should you be sued for:
·                     Slander – injurious spoken statement
·                     Libel – injurious written statement
·                     False arrest, detention, or imprisonment
·                     Malicious prosecution
·                     Shock/mental anguish
·                     Other personal liability situations

7.               Farmers Insurance

·                     Landlords with multiple properties
·                     Single, duplexes, triplexes, and quads
·                     Row homes
·                     Older and lower-value homes
·                     Homes with minimal cosmetic conditions
·                     Properties under minor renovation
·                     Vacation rental homes
·                     Short term rentals (daily, weekly, monthly)

·         Comprehensive Property Coverage
·         Named Peril Coverage
·         Liability Coverage
·         Optional Replacement Cost
·         Agreed Loss Settlement (Total Loss)
·         Actual Cash Value (Partial Loss)
·         Optional Extended Replacement Cost
·         Optional coverage to protect landlords
·         Other Structures coverage
·         Personal Property coverage
·         Landlord personal injury
·         Loss of Rents