Owner Insurance Info

Why Homeowners Insurance Isn’t Enough

Most homeowners understand that they need a homeowners insurance policy to protect what is often their most important personal asset. But if you own investment properties, a standard homeowners insurance policy is probably not going to cut it. In fact, owning a homeowners insurance policy on a rental property may be worse than not owning insurance at all. Why? Not only will your standard homeowners insurance policy not protect you, you’ll also be paying premiums for the non-coverage the whole time!

Here’s the scoop: Homeowners insurance policies are standardized, and they’re designed and priced to provide protection for owner-occupants. As a group, owner-occupants have a very different risk profile than renters. Too many novice or accidental landlords every year try to file a claim involving their rental property with their homeowners insurance carrier, only to come away disappointed—and sometimes financially devastated. If you are insuring a rental property with a homeowners insurance policy, and the insurance company figures it out (which isn’t hard to do), they can and will deny the claim.

Homeowners vs. Landlord Insurance

Investment properties need to be insured differently than owner-occupied properties for a variety of reasons:

What to Look for in a Landlord Insurance Policy

As with any insurance contract, definitions are essential. Tens of thousands—even hundreds of thousands—of dollars could ride on the exact wording of a clause in the contract, or how it’s defined for the purposes of the insurance contract.

There are three basic landlord insurance forms:

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Stuart, FL 34994
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