Article Sphere Logo

Cover Your Assets

By Expert Author: Michael Peterson | Article Abstract
Word Count: 488 words | Views: 365 view(s)
If you own a rental property, make sure your insurance coverage is protecting your investment. Most insurance companies offer specialized insurance packages for landlords and property owners that help cover any loss incurred by tenants, lawsuits, loss of rent and even terrorism. Though in many cases, regular household insurance will cover claims on rental properties, most household insurance policies aren't tailored to the needs of landlords and therefore don't address them. Sometimes simply having a tenant can make your home insurance policy null and void - so check the fine print!

LOSS OF PROPERTY

The most basic coverage will protect you against major losses in case of fire, high wind or other damages that make your property unrentable. All policies are different however, and no one policy will suit all landowners in all areas of the country. there are however, two basic types of policies to choose from:

1. NAMED PERIL policies require the policy holder to choose specific types of losses that will be insured against

2.COMPREHENSIVE policies provide much broader coverage and includes a wide variety of accidental losses. Despite the name however, most polices are not truly 'comprehensive.' Make sure to check the list of exclusions before you make your choice.

INSURANCE AGAINST TERRORISM?

Aside from flood damage, one of the most widespread exclusions right now are terrorist events. If you own a rental property in a major urban center, you might want to look into coverage that protects you against this as well. After 9/11, many agencies adjusted their policies to exclude "terrorist events" from basic coverage. The attacks, which cost the industry in excess of $40 billion, caused a backlash that saw most companies raise prices, raise deductibles, and alter polices to require policy holders to purchase terrorism insurance separately (if available).

Increasingly however, specialized landlord policies address this issue and provide some sort coverage for those who own rental property. Though burned by the attacks on the world trade center, support from the federal government has allowed insurers to get their courage back up and give landlords the kind of protection they've been asking for since 2001.

LOSS OF RENT

As part of their coverage for property owners, many companies offer additional insurance against loss of rent. In most cases this applies to situations in which the property becomes unrentable due to damage. When this happens, the insurance company will cover the rent on the property for a certain number of months. Other types of rent loss protection cover long periods of time when a property goes unrented that isn't due to damage or protect landlords against tenants who default on the rent.

Landlords with multiple rental properties or buildings will probably also want to consider insurance against lawsuits or policies that will cover legal fees in the case of a lawsuit. Keep in mind that because policies at different insurance agencies differ, you should shop around to find the coverage that best suits your needs.
Michael   Peterson

About the Author/Author Bio

Reach your market! National Rental Properties provides free listings for property managers and property owners with American rental properties. The site is free to use, whether you're looking for a place to rent or placing an ad online.

Article Source: http://www.articlesphere.com/Article/Cover-Your-Assets/100353

Article Submitted: 2007-08-31 | This Article has been viewed 365 times.

Rate Article

Related Videos

Insurance Tips: Homeowner's Insurance Coverage
How to Prove Insurance Loss
Public Adjusters
Guide to National Flood Insurance
Insurance Tips: Dealing with Disaster
 

More "Insurance" Related Articles

 
 

Listed below are more articles related to the above article from the "Insurance" article category.

People interested in the above article "Cover Your Assets" are also interested in the related articles listed below:

 
A car has become one of the numerous things without which we cannot do any longer. However, with the number of vehicles that ply on the roads, increasing by hundreds with each passing day, the number of accidents and unintentional damages caused to other vehicles has also increased tremendously.
The car today is no longer considered as a luxury. It has become a necessary item for people especially in the advanced countries of Europe and North America. However with the recession hitting hard on the face, many people are forced to cut their cost of living.
Cutting the cake can be one of the most anticipated moments of a wedding. After you've exchanged rings and said your vows, what better way to celebrate your wedding than sharing those beautiful tiers of sweetness with all your guests?
No one ever wanted to encounter losing the ability to care for ones self. If there was one thing that one could wish away, it would be the unforeseen financial and personal risks and the exorbitant cost of Long-term care (LTC).
Intego is a nationwide, experienced, specialized, and focused agency. We offer the finest industry products using the most sophisticated web-based technology and back them with unparalleled customer service. Let us show you how this powerful combination can improve your business process-giving you more time to build your business and keep your customers happy.
Debt reduction law centers appear to be on a relatively better position than insurance companies especially with the ongoing recession. When it comes to finances at this day and age, being young and single often means there's a huge possibility that you are preoccupied about getting rid of your debt or saving your home rather than thinking about your insurance coverage. This is often due to a widespread belief that right now, insurance is one of a young person's least important concerns and that it is not quite practical to acquire it in the middle of an economic crisis.
Planning a wedding is something lots of girls start thinking about from a very early age! But one thing most little girls don't think about, when doodling their dream wedding dress, is insurance. Wedding insurance is perhaps not the most exciting things happy couples have to think about in the lead-up to their wedding but since weddings can cost between •£15,000 and •£25,000, it's an important to detail to work into your plan.
 
Article Directory Home All Categories Insurance
 

Can't find what you're looking for? Try Google Search!
 
Copyright © 2005 - by Larry Lim, Singapore - Article Search Engine Directory at ArticleSphere.com™
All Rights Reserved Worldwide. All Trademarks and Servicemarks are the property of the respective owners.

Afrikaans Albanian Arabic Belarusian Bulgarian Catalan Chinese (Simplified) Chinese (Traditional) Croatian Czech Danish German English Estonian Filipino Finnish French Galician Greek Hebrew Hindi Hungarian Icelandic Indonesian Irish Italiano Japanese Korean Latvian Lithuanian Macedonian Malay Maltese Dutch Norwegian Persian Polish Portuguese Romanian Russian Serbian Slovak Slovenian Spanish Swahili Swedish Thai Turkish Ukrainian Vietnamese Welsh Yiddish