Tenant-Occupied Home Insurance - Must Read for Landlords!
The best referral any insurance agency can ask for is its track record.
Laizer Schonbrun, insurance agent par excellence, works for one of the fastest growing agencies in the United States. He relates the following success story in regard to a tenant occupied account.
"I really felt bad for the owner of a tenant occupied home. He called us on a whim and complained about how his bank had forced a specific insurance policy on him. Not only did the coverage seem inappropriate, but the associated premium was very high.
"As always, I was there to help anyway I could. I got to work scouting my agency's network of underwriters and in less than a day, I found more coverage that was more apropos at an extremely competitive quote which I bound. Thereafter, I forwarded the new insurance information on to the bank.
"In my day to day experience, this was just another insurance success! For the new client, it was a day that spelled relief and a mega dose of thanks to me and my team!"
The following info about tenant occupied dwellings is but a brief summary.
Nonetheless, it serves to inform the public in a significant way.
Tenant-Occupied Homes and the Corresponding Insurance Options
If you own a primary residence home that you rent out sporadically for short amount of periods, an independent agency may be able to sift through the underwriters it deals with to find a temporary rental policy. If not, you will need a related rider attached to your current home insurance.
If you want to continuously rent your primary residence for a short amount of time to different renters, you probably will need a business policy, like that provided to hotels, motels.
On the other hand, if you own a vacation home or an investment property that you want to rent out for long terms a landlord's policy is mandatory.
This type of policy includes the following forms of coverage:
Physical damage coverage
Personal property coverage (for appliances left for the renter's use)
Liability coverage
Loss of rental coverage is something a landlord can opt for as well. This protects you in the event your renter leaves and no replacement renter is found. It also shields you from the financial loss when you cannot rent out your property due to repair work or necessary rebuilding as a result of damages that are covered under your policy.
For more on tenant-occupied dwelling insurance, speak to a professional independent agency with a reputation that tells you the customer is the focus of operation.
PRIME Insurance is a multi-generation family-run independent agency that proudly does direct business with over 40 of the leading insuring companies. This naturally gives us the edge over others to provide tailored home, auto, commercial, life insurance and more at the most competitive quotes. Visit us at https://www.primeins.com/ or contact us at Prime@primeins.com or 732-886-5751 and HAVE A PRIME DAY!
By M Wyzanski Why mortgage lenders require you to purchase insurance Income Protection And Mortgage Payment Insurance Property for sale in Noida Your Rights And Responsibilities With Private Mortgage Insurance Insight On Mortgage Insurance Wealth Building Strategies - 4 Paths To Long Term Success Understanding Lenders Mortgage Insurance Private Mortgage Insurance Basics Mortgage Protection Payment Insurance - Important Things To Keep In Mind Mortgage Payment Protection Insurance Why is this Required? How To Avert A Misselling Of Mortgage Payment Insurance? Mortgage Loan Insurance: Why Is It Required By Lenders? This Is The One Wealth Building Secret You Must Learn