There are few industries more prone to future growth than property investing. From purchasing land to renting out units to tenants, the right investment can help turn a business around. Heath Ritenour of the Insurance Office of America took some time to delve into one of the least talked about aspects of property investing: landlord insurance.
What Is Landlord Insurance?
First and foremost, Heath Ritenour wants readers to understand that homeowners insurance and landlord insurance are two entirely separate concepts. Homeowners’ insurance policies are typically designed to cover homeowners who utilize their property as a permanent residence rather than a rental.
Landlord insurance is designed specifically for residential property owners who are renting out their homes or structures to other tenants. As a result, landlord insurance is almost always a great idea to carry, whether working with short-term leases or longer ones. Landlord insurance policies will vary based upon the individual, the property, and their location. With that being said, most landlord insurance policies will cover:
- Property Damage – Damage due to vandalism, fire, and inclement weather are all covered by landlord insurance policies.
- A Loss of Income – Landlord insurance can cover the cost of liable claims on the property should a tenant need to move out.
- Liability – Liability coverage includes lawsuits, medical costs, legal fees, and settlement expenses.
Before committing to a single policy, be sure to discuss potential savings and discounts with your broker. Some landlord insurance policies can be discounted if they are bundled with other policies, such as auto or homeowners insurance. A penny saved is a penny earned and with insurance policies, those pennies can surely add up.
Other Landlord Insurance Policy Suggestions
Policies will vary based upon property style, landlord, and location. When developing a landlord insurance policy, always delve into potential add-on services. If your home is located in a flood plain, consider purchasing a water damage rider. Working with a qualified broker will be the best way to avoid missing any key policy suggestions.
Finding the Right Coverage With a Broker
As the Chairman and CEO of the Insurance Office of America, Heath Ritenour has enjoyed a unique perspective of the insurance industry in the United States. Joining the team as a commercial broker in 1996, Ritenour would work his way up to Chief Executive Officer by 2008, ultimately becoming chairman in 2019.
Developing the right policy for your property requires working with a qualified brokerage. A professional broker can help to guide individuals along the process as they find and submit to the best policy for their needs, ensuring future reimbursements and insurance coverage when it is needed most.
Since taking the lead at IoA, Ritenour has played a pivotal role in the growth of the company, helping to guide its organic growth over the years. IoA presently has 60 offices across the country.