Regular Property managing usually do not handle the insurance pertaining to a rental house.
The Landlord (being you) is responsible for making sure the rental house has the proper insurance with the right clauses to protect the landlord from anything that may happen. If you need some help with your insurance, contact a professional landlord that can guide you thru this part of renting your Warner Robins Georgia house.
Property managers mainly take care of getting a tenant into the house and collecting rents. Let’s go over Insurance for your Warner Robins house and make some sense of it.
Insurance when renting your house will be different than insurance for your personal house you live in. The insurance you have for your personal house has multiple parts. Your insurance policy will usually include:
- The basic coverage of the main structure, plus some out buildings on the premises.
- Your Insurance will have coverage for personal items in the house (Weapons, Clothes, Furniture, Jewelry, etc.)
- Your policy may include personal liability.
- Many insurance policies will have some comprehensive coverage.
This insurance policy is designed for an owner/occupant. The insurance company will not pay out a claim on a homeowner’s policy if they find out that you have left the property longer than thirty days or intended to be a rental property house. The good thing is that changing to a rental insurance policy will usually save you money.
Rental insurance policy
A rental insurance policy or landlord policy (more commonly known) is designed for houses that are being rented by a tenant. This policy only covers certain items like:
- Basic coverage of the main structure and sometimes the outbuildings, depending on the company.
- Lost rents, if you have the proper clause in your insurance policy
- Many rental policies will have some personal liability coverage included.
Rental policies for your Warner Robins house will usually be around 50-75% of the cost of a homeowner’s policy. A landlord insurance policy mainly covers the house itself and personal liability for the landlord. That is why it is cheaper than your homeowner’s insurance. It does not cover as much. The personal items in your Warner Robins rental house belongs to the tenant.
Some property managers recommend and other property managers will require that the tenant pay for a renter’s insurance policy to protect their personal items. This policy is just for the tenant’s items that may get damaged.
You should talk to your current insurance agent to get more information on the policies they offer. Some property managers will have information that may help you decide you next move. Professional Landlords, on the other hand, work with insurance companies on a regular basis and stay on top of the changes that can affect your bottom line and how rental insurance will affect your coverage as a landlord.
Make sure to shop around for new quotes on your personal and rental policy at least once a year. Policies and prices change all the time. Once you have a good policy record with your rental house, you can leverage that to get cheaper premiums.