It is important to shop around and get quotes from different insurance companies. Oftentimes, this can help you find the best deals and find the best rates. When looking for landlord/tenant insurance, you should look for the following:
- Coverage: Look for a policy that provides the necessary coverage for your specific property risks. This might include coverage for property damage, liability, income loss, and legal issues.
- Limits: Make sure the policy provides adequate limits for each type of coverage.
- Exclusions: Be aware of any exclusions or limitations in the policy. For example, some policies may not cover damage caused by tenants or may have limits on the amount of coverage for personal property.
- Deductibles: Look at the policy deductibles and make sure they are reasonable and affordable.
- Reputation: Look for insurance companies with a good reputation, and check their financial stability.
- Claims process: Look into the process of filing claims and make sure it is easy and efficient.
- Customer service: Make sure the insurance company you are considering has responsive customer service and can be easily contacted in case of an emergency.
It’s also a good idea to look at your insurance needs every so often, since things can change over time. As a landlord, it is especially important to make sure you have the right insurance to protect your property and income.
Also, remember that we require each of our tenants and landlords to add Premier Property Management Services as “Additional Insured” to their insurance policy.