Rental property insurance in Mount Juliet and throughout Tennessee.
Don’t assume that you as the owner are protected just because your tenant has rental insurance. The hazards you encounter while renting out your property to others are specifically covered by rental property insurance.
In contrast to tenant insurance, rental property insurance is a specialized home insurance plan for the owner of the property. Similar to a homeowners policy, it is made to take into consideration the unique risks you run when renting a home rather than owning one.
Common Rental Property Insurance Coverages
Rental property insurance frequently covers lost income if property damage prevents you from renting out your property for a while, in addition to damage to the building itself and your personal property (such as included furniture). In many cases, the policy will also cover any responsibility you could encounter if a tenant brings a claim for harm sustained on the property.
Other hazards that fall under this category include any fees associated with relocating a tenant while making repairs, as well as any damages that result in a renter owing you money.
One thing to keep in mind is that most plans don’t cover lost income from a renter who doesn’t pay rent or the expenses of evicting a tenant if necessary.