RENTAL PROPERTY INSURANCE IN VERMONT

What is Rental Property Insurance?

Being a landlord can be a lucrative and fulfilling endeavor, but rental properties aren’t without their risks. From property damage to potential lawsuits, Vermont landlords should consider the potential fallout of a disaster or accident. Carrying rental property insurance can help provide important protections against risks such as these.

Rental property insurance is specialized commercial insurance for landlords who own investment properties. The insurance is widely used by single-unit and multi-unit residential landlords, but it’s also often useful in commercial and industrial leasing situations.

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Who in Vermont Should Have a Rental Property Policy?

The vast majority of property investors who rent their properties should carry rental property policies. Not carrying insurance generally creates enormous risk exposure, and this insurance usually is the most appropriate type of insurance when leasing properties in Vermont.

For landlords who have more than one property in Vermont, multiple rental property insurance may be especially applicable. This particular type of rental property policy is intended to insure multiple buildings that aren’t connected to each other, and the cost of a multiple rental property insurance policy is frequently less than the cumulative cost of insuring each building separately.

Landlords who aren’t sure whether they need a standard rental property policy or a multiple rental property insurance policy can get guidance from an insurance agent who specializes in these kinds of policies. A knowledgeable agent will be able to make an informed recommendation based on an investor’s situation and portfolio.

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What Protections Do Rental Property Policies Come With?

Rental property policies are normally underwritten as package policies, which means they bundle coverages together in order to provide more robust protection. The various coverages that are bundled in any given policy can vary, but they frequently afford several important protections:

  • Property Coverage, which might provide protection for primary and secondary buildings in the event that they’re damaged
  • Liability Coverage, which might provide protection against certain lawsuits that tenants, their guests or others could file
  • Rental Guarantee Coverage, which might provide supplemental payments if rent is no longer paid by a tenant
  • Loss of Income Coverage, which might provide protection if a property is rendered uninhabitable after a disaster and rent is no longer collected
  • Legal Assistance Coverage, which might provide financial assistance for lawsuits that liability coverage excludes

Multiple rental property insurance policies generally have the same coverages available, but the terms of their coverages are frequently adjusted so that they aren't limited to covering just one property.

What Factors Affect Premiums for Rental Property Policies?

Rental property policy premiums are based on many different factors. A few of the details that can impact rates are:

  • The number of properties covered by the policy
  • Where the covered properties are located
  • How many units the covered properties have
  • How many square feet the covered properties are
  • Whether the covered properties have other amenities
  • The coverages, limits and deductibles that are selected

An independent insurance agent can help landlords find out how much they’ll need to pay for a rental property policy that suits their needs. Independent agents are able to compare policies from several insurance companies, making it easy to identify both coverage and rate differences.

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Where Landlords Get Rental Property Insurance?

If you own investment properties in Vermont and need help insuring them, contact us at Paige & Campbell Insurance. Our independent agents will work closely to identify your coverage needs, and we’ll then help you find the best rental property insurance solution for your situation. With our assistance, you can be confident that both your properties and yourself are well protected.

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