Habitational Insurance is a type of insurance designed to protect the owner of any rental property. So, this means if you own apartments, condominiums, student dormitories or any other type of rental property, you would benefit from a habitational insurance policy.
Why Habitational Insurance is Necessary?
Habitational insurance covers situations and costs that aren’t covered in your standard property coverage. In addition, you need this coverage as a landlord or owner. Furthermore, you are responsible not only for the building itself but for the tenants. In addition, any visitors they might have as well as any employees you hire to care for your rental property.
Elements Every Habitational Insurance Policy Should Include
There are a few specific aspects any good habitational insurance policy should include. They are as follows:
- Liability: This part of your policy will pay medical bills and legal fees should a visitor or your tenant become injured on your property.
- Loss of Income: This will replace any loss of income caused by a covered occurrence.
- Breakdown of Equipment: Many policies will include an equipment breakdown element. This protects your rental property’s physical equipment.
- Theft and Vandalism: Although vandalism can be extremely pricey to repair, many landlords do not have it listed as part of their policy. Adding vandalism along with theft can protect your belongings, possessions as well as the building itself from damage or vandalism.
- Storm, Fire and Wind Damage: This type of coverage will protect you if your property is destroyed or damaged by a storm, fire or wind. In addition to this storm coverage, you might also want to consider adding earthquake and/or flood coverage to your policy as well. This is especially true if you live in a high-risk area.
Why You Should Choose Perry Insurance Group For Your Habitational Insurance Needs
Creating the ideal policy is specific to each person. Also, you as a property owner will have different policy requirements and preferences based on unique factors. In addition, we provide you the best options of polices as well as most affordable rates due to our nationwide reach. We can get you the best policy. So, contact us today to learn more.