Thinking of a rental property?
Whether it's a single unit or a small multi-family, renting out a property changes what you need to insure. Here's what we look at with our clients before they hand over the keys.
Before you rent it out, take a look at…
A rental is an income property, and insurance treats it differently than the home you live in. Knowing what matters keeps both the building and your rental income protected. We're glad to walk through any of these with you.
The right policy
A property you rent out needs a landlord (dwelling) policy, not a homeowners policy — even when you're renting to family, like adult children. It covers the building, your liability as a landlord, and lost rental income.
Legal bedrooms & egress
If a unit has a basement or attic bedroom, a proper egress window is what makes it a safe — and legally rentable — bedroom. It matters for both your tenants and your coverage.
Loss of rental income
If a covered loss (say, a fire) makes the unit unlivable, loss-of-rent coverage replaces the income while it's repaired — so a claim doesn't also cost you the rent.
Have tenants carry renters insurance
Requiring a tenant's own renters policy in the lease protects their belongings and lowers your exposure. It's a simple step that saves headaches later.
Liability & an umbrella
Renting to others raises your liability exposure. Higher liability limits — or an umbrella policy over your rentals — are worth talking through.
How it's used
A long-term lease, a short-term/Airbnb rental, and a multi-family building are each rated differently. Short-term rentals in particular often need their own type of policy.
The building's condition
Have the roof, heating, electrical, and plumbing been updated in the last 25 years? Older systems affect both coverage and cost — and note that most rental policies won't accept a wood stove.
Trampolines
Thinking about a trampoline for tenants? Some carriers allow one with a safety net; others won't insure a property with one at all. Worth checking before it goes in.
Dogs on the property
Carriers keep a list of dog types they won't cover for liability. If there's a dog at the property, let us know up front so we can place you with a company that's a good fit.
Vacancy between tenants
A unit sitting empty between tenants or during a renovation can change how it's covered. Let us know so there aren't any gaps when it's unoccupied.
Renting out a place you own can be a great investment — the right coverage keeps it that way. Tell us about the property and we'll make sure it's protected the way it should be.