Landlord Insurance for Single Family Homes
In it’s simplicity landlord insurance for single family homes will save you from:
Severe financial loss if your rental home is damaged or destroyed.
Damage and loss to any property that is owned by you within the house such as washer, dryer, etc.
Financial loss due to liability claims, medical expenses, and other amounts that result from property damage and personal injury suffered by others in which you are held accountable.
Reimbursement of lost rental income as a result of a covered loss.
The six basic coverage’s found within landlord insurance for a single family homes are:
Fire and lightning
Windstorm and hail
Theft, vandalism, and malicious mischief
Riot and civil unrest
Damage from vehicles
Sudden, accidental damage from smoke
Aircraft and objects falling from the sky
Weight of snow, ice, and sleet
Accidental discharge or overflow of water or steam from your plumbing
Freezing of plumbing
Sudden, accidental tearing, cracking, burning or bulging of a steam pipe or hot water heating system
Sudden and accidental damage from artificially generated electrical current
A landlord insurance policy will exclude a loss due to flood, earthquake, and landslide. Flood insurance is available through the federal government’s National Flood Insurance Program, for an additional premium earthquake insurance and landslide insurance are available as additional coverage options if your rental home qualifies.
Important InfoIn order to secure your lost rental income you will need to provide the insurance adjuster with a valid rental agreement, if no rental agreement is in place you will not have this protection.
There is no deductible with liability claims.
Medical payments to others does not apply to injuries of named insureds or any regular resident of the household. Medical payments to others is a good will payment in the hopes of preventing a larger lawsuit down the road as the payment should not be construed as admitting liability.
As an insurance broker I help individuals throughout Oregon and the Pacific Northwest manage risk.