Rental Property Insurance | Picayune, MS

Rental Property Insurance for Property Owners

Owning a property that you rent to others creates different responsibilities than living in the home yourself. Tenant occupancy, property damage, liability concerns, and potential loss of rental income can introduce risks that may not be addressed in the same way by standard homeowners coverage.

Rental property insurance is designed with these landlord and property ownership risks in mind. A Plus Insurance Agency is a full-service insurance agency with 18 years in business, serving personal and commercial clients with a broad selection of coverage options.

Whether you own a single rental property or are adding another property to your portfolio, having insurance suited to the way the property is used is an important consideration.

How Rental Property Insurance Differs From Homeowners Coverage

A homeowners policy is generally intended for a residence occupied by its owner. When a property is rented to tenants, its use changes, and that can create different insurance considerations.

Rental property insurance may provide protection for the physical dwelling against qualifying covered losses. Depending on the policy, coverage may also extend to certain structures or property belonging to the landlord and used in connection with the rental.

Liability coverage can also be an important consideration. If a qualifying injury or property damage claim occurs and the property owner is legally responsible, applicable liability protection may help with covered expenses.

The exact protection depends on the policy selected, so limits, deductibles, conditions, and exclusions should be reviewed carefully.

Protecting Rental Income and Property

Damage to a rental property can affect more than the building itself. If a covered loss makes the property temporarily uninhabitable, you may also lose rental income while repairs are completed.

Some rental property policies may provide coverage for qualifying loss of rental income resulting from an insured event. This protection is subject to the specific terms and limits of the policy and should not be confused with protection against a tenant simply failing to pay rent.

Property owners should consider the building, landlord-owned items, liability exposure, and potential financial effect of being unable to rent the property after a covered loss.

When Your Property Situation Changes

The way a property is occupied matters when considering insurance. A residence that changes from owner-occupied to tenant-occupied may require a different type of policy.

Likewise, if tenants move out and a property remains unoccupied for an extended period, Vacant Property Insurance may be more appropriate for that situation.

Properties undergoing substantial improvements can also have specialized needs. A Plus Insurance Agency offers Renovation Insurance and Builders Risk Insurance for qualifying projects.