Orlando Property Insurance Choices for Landlords
As most homeowner and renters are aware, it is vital to ensure your home is properly covered in the event of severe weather, robbery, vandalism and structural damage. Having the right insurance coverage can make all the difference should your home be invaded or damaged. But the limits of homeowner’s and renter insurance only extend so far. In most cases standard homeowner’s insurance policies will not encompass rental or vacant properties that you may own.
There are many solutions. Depending on the length of time you are looking to rent out your property, as well as the frequency, you many need one of several specialty property insurance plans.
Short term rental arrangements where you remain an occupant of the residence may require an addendum to your current homeowner policy. If you are letting out a room in your house for the summer your tenant may also need to take out renter’s insurance, as any property damage that may occur would not be covered under your standard homeowner’s policy.
However, if you are a property owner not residing in one or more of your holdings, a homeowner’s insurance policy will not cover those properties. Most homeowner’s policies are designed to insure occupied residences while Orlando rental property insurance coverage and vacant property insurance can secure any dwellings uninhabited by their owner.
Rental Property or Landlord policies cover physical damage to the structure of the home caused by weather or external factors. These policies also offer coverage over any personal property left on-site for maintenance or tenant use such as furniture, appliances and maintenance tools. Basic liability coverage is often included in the event an injury or accident occurs on the property to help cover legal and medical fees.
Vacant Property coverage is critical for any inhabitance that remains unoccupied for a consecutive 30 days, as standard homeowner’s policies do not cover vacancies and could drop your coverage. Whether you are trying to sell your home, doing extensive renovations or seeking a renter vacant property coverage can protect your real-estate investments.
At Newman Crane we strive to protect your investment with insurance that’s tailored specifically to your Orlando property insurance needs. Our qualified risk analyst will work meticulously with you, offering advice on the best type of policy for all of your Orlando real-estate holdings. For more information about or Orlando property insurance coverages, call our office today at 877.874.4673 to get started.