Investment Property Insurance in Ohio
If you plan to buy property as an investment, you will need to ask yourself quite a few questions. Do you plan to rent that property to others? What are your goals for this property in the future? What is the value of the property, and what could you stand to lose if something goes wrong?
With the answers to questions like these, you can better deduce the liabilities associated with owning an investment property. As a result, you’ll be able to choose a proper insurance policy that you can adapt to your most unique needs, while not burdening yourself with coverage that isn’t right for you.
Here at Risk Management Financial Solutions of Ohio, we believe in providing every client with world-class insurance solutions to protect them in all aspects of their lives. Owning a rental property can be a challenge, but it will be worth it at the end of the day.
Call us at 614-764-8505 or request your free, no-obligation investment property insurance quote today.
What Does Investment Property Insurance Cover?
Landlord insurance typically provides three main areas:
Property Damage Insurance: Property damage insurance ismuch the same as dwelling coverage under homeowners insurance. It can cover the physical structure of your home against fire, wind, hail, lightning, snow, vandalism and similar unexpected accidents. It may also cover your personal property left in the rented space, such as furniture or televisions.
Liability Insurance: Liability coverage is crucial to protect yourself against lawsuits and compensate tenants or other parties for damages and injuries that are your responsibility to pay for. Liability insurance may cover medical bills for a renter or visitor injured on the rented property as well as legal expenses in case a lawsuit is filed against you.
Loss of Rental Income: Loss of rental income applies when your property is damaged by a covered event and cannot be leased until it is repaired. For example, if a tornado destroys half of the property and renders it uninhabitable, loss of rental income can help supplement that lost rent.
You may also be interested in additional coverage endorsements and riders such as:
Building Code Coverage: Building code coverage can help keep your property up to current codes if the building codes in your area have changed. If you have to legally update your property, this can help with the expenses.
Non-occupied Dwelling Endorsement: This insurance can cover you while the property is vacant for 30 days or more. Most policies do not cover property while it is unoccupied, so this endorsement fills the gap while you don’t have a tenant.
Heating/Air Conditioning Loss Reimbursement: If there is a mechanical breakdown of your home’s heating or cooling system, this insurance can help reimburse you for repairs or replacements.
Common Investment Property Insurance Questions
How Does Investment Property Insurance Work?
Though you might not live in an investment property full-time, others might. You are also still the owner, and regardless of whether you have a tenant in the property, you will face property damage risks and liabilities just by owning the property. Your property insurance will be the safety cushion that can help you safeguard yourself and your financial security against the unexpected, unavoidable accidents that could strike at any time.
How Much Investment Property Insurance Do I Need?
Every investment property is unique, which is why you deserve an insurance portfolio that is as unique as the space itself. Our agents are committed to helping you develop the right combination of benefits to make you feel secure, and we’ll help you tailor the coverage limits, deductibles, endorsements and other policy terms within each benefit to make them a perfect fit.
How Much Does Investment Property Insurance Cost?
The cost of an investment property insurance policy varies based on numerous risk factors, including your chosen coverage limits and the value of the property itself. We’ll help you compare the policies within our carrier network and choose the one that will offer you the most savings potential while still offering expansive benefits.
Fill out an online quote form to find out how much you can save.
Contact Us Today!
We are dedicated to making insurance affordable and easy. Call Risk Management Financial Solutions of Ohio at 614-764-8505 today or fill out an online quote form to get started.