It doesn’t matter whether you’ve invested in 10 buildings or a single unit – owning rental property as a landlord can be lucrative, but it can also be challenging. From leaky pipes to overdue rent payments, there are lots of potential issues that can arise. Rental property insurance can be beneficial as long as you select the right policy for your needs.
At Goodman Family Insurance, we don’t just help rental property owners in Wisconsin obtain great rates on optimal coverage, we also help you understand your requirements and legal obligations.
Call 262-599-8031 or reach out below to schedule a consultation and obtain your free quote.
Looking for rental property insurance? The first step is understanding what type of coverage you need
From vacation rentals and spare bedrooms to condo units and full houses, there is a wide spectrum of rental property types out there. Here are the insurance requirements for different property rental types
Short-Term Rental Properties
If you rent out your home for less than 4 weeks of the year, you are most likely covered under your existing homeowner’s insurance. If you are renting out your property more frequently (or running a full-time Airbnb business) you will likely have more complex insurance needs.
Rented Rooms & Shared Accommodation
Renting out a room within your property is typically allowed under standard homeowners insurance policies. If you rent out a separate unit (such as a basement suite or garage) you may need to make note of this with your insurance provider.
Long-Term Rental Properties
With long-term rentals located outside of your principal residence, you will require rental property insurance. This includes units that operate as ‘short-term rentals’ over a long-term time frame (i.e dedicated Airbnb properties).
There are typically three different levels of rental property insurance you can obtain:
- Dwelling Policy 1: This basic policy covers general property damage from fires, vandalism, and flooding.
- Dwelling Policy 2: This is a more robust version of DP1, with coverage of specific named events rather than general damage.
- Dwelling Policy 3: With Dwelling Policy 3, the unit is covered against all perils that are not explicitly excluded from the policy.
Need help determining which protection is right for you? Call 555-555-5555 to schedule a free consultation with the experts at Goodman.
What’s included in rental property insurance?
When protecting your rental property, there are many different policies available. Here are a few of the most popular coverage options:
- Dwelling Coverage
- Secondary Structure Coverage
- Loss of Rental Income Coverage
- Burglary Coverage
- Vandalism Coverage
- Flood Insurance
- Liability Coverage
- Construction Coverage
- Ordinance Coverage
- Medical Coverage
Looking for even more protection? Though the above options will protect your assets in most cases, extended/umbrella coverage can give you even more peace of mind. Book a free consultation with Goodman Family Insurance to discuss your options with a pro.