Expand Your Education with These Courses from
A Consumer Advocate Approach to Real Estate: Course 1.
Time Management: Skills for Sales Success: Part Two.
Business Creation - Prospecting: Skills for Sales Success: Part Three.
Accredited Buyer's Representative.
Bundle 2: CIPS Elective Courses (US Version).

For Investors: Re-evaluate Your Insurance Policies

Have a comment on this article? Share on Facebook!

RISMEDIA, June 30, 2011—With winter weather creeping in, landlords should be aware of exactly what their landlord insurance policy covers.

Many building owners could be surprised at what costly items are not covered in a standard policy, especially with high fire hazard months ahead. Residential fires are more prevalent in winter months than in spring or summer months, according to the U.S. Fire Administration. A residential fire can completely destroy a structure and all of its contents, which may not be covered by a policy.

LandlordInsurance.net points out some costly items that may not be insured under a policy.

Fires in homes increase in colder months mainly due to the higher number of cooking and heating fires. Heating a home becomes more expensive in the winter so people turn to their fireplaces, wood stoves, space heaters and other cheaper alternatives to common utilities. Although these can be a good option, they do come with risks that are preventable. Safety precautions must be taken to avoid residential fires.

However, accidents do happen and policies vary from company to company. Many property owners would think that their landlord insurance policy would cover the financial damages from a fire. A basic policy will likely cover the building itself, whether it is a house, apartment, duplex, townhouse, quad, condominium (condo), vacation rental or other dwelling. But usually the contents within the building musbe insured under a separate section.

In addition to the structure, any personal contents that are provided by the building owner for use by the renters should be covered by liability protection. The landlord contents insurance can have a limited or full contents policy. Limited contents policies are generally used for unfurnished or partly furnished properties and will typically cover items such as light fixtures and fittings, curtains, carpets and appliances. Regardless if the unit is sparsely furnished with such items, an owner should consider liability coverage in case of injury to tenants or guests caused by defective cookers, lighting fixtures, or stairs. If there was an incident, the compensation of the claim would be substantial.

Have a comment on this article? Share on Facebook!

Join RISMedia on Twitter and Facebook to connect with us and share your thoughts on this and other topics.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Copyright© 2016 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com

Our Latest News >>