Insurance Requirements

Landlord Insurance

We require and you need to have insurance for your property even though you are not living there. Call your insurance agent and let them know you will no longer occupy the property as your primary residence. You will need to ask them to change your homeowner’s policy to a “Fire and Liability” or “Landlord” policy. This is VERY important, or the insurance company can deny any claim if you are no longer occupying the premises.

We ask that you list us as an additional insured party on the policy so that we can file claims on your behalf. A vandalism rider is usually required if the house is vacant for more than 30 days so please keep this in mind during the time we are marketing your property for rent

If you own a condominium, be sure to have your own policy. It is very reasonable and will typically cover liability expenses such as water overflowing and damaging the unit below -is the most typical claim for condos.

Unless you have flood insurance, damage from the outside ground water is not covered on a standard policy. If your property has had any problems with ground water coming in, you might want to check with your agent about purchasing flood insurance.

Tenant Insurance

In addition to the insurance you have for your property, the lease requires tenants to have renter’s insurance. This covers their personal possessions and any damage resulting from their negligence. It does not cover your home or any damage to your home, unless the insurance company and/or the courts find that the damage was caused by tenant negligence.