Landlord Insurance Quote

Not all landlord insurance policies work the same or cover the same things.  It is very important to get the right coverage.

[Use this FREE self-help tool to provide the information necessary for me to shop for the best landlord rental property insurance rates available,. Unlike many other home insurance websites you may have come across, Stephen B. Groton Insurance will NEVER sell your information. That means you get fast and accurate quotes without any hassle.]

Vacation rental

There are the two principal categories of Landlord Insurance for Single Family Dwellings or Condos:

1.  Tenant-Occupied Dwellings:  You are a landlord collecting money as rent from a tenant.  This generally refers to long-term tenancy.  You are renting it based on a lease for as long as you can.  It is an investment property or income-producing property and you don’t live there.  Among other things, the liability coverage on this home is different than the liability coverage on your owner-occupied dwelling. It protects you against lawsuit as a landlord. Also, in the event of a claim it will reimburse you for Loss of Rents if your tenants are forced out of the house because of a fire and are no longer obligated to pay rent. If there is a loss that is covered by your policy, like a fire, the house will sit empty until fixed and you would otherwise be deprived of the income but for the Loss of Rents coverage.
2.  Vacation Rental, Seasonal Rental or Short-Term Rental Dwellings:  This is the second type of Landlord policy.  It usually involves short term tenancies with multiple different occupants during the year. This is really a business. It requires scheduling, deposits, cleaning, etc.  It can include Bed and Breakfast-type rental dwellings. Very few companies want to insure short-term rentals.  As you can imagine this is a much higher risk than a long-term tenant.  It was not that long ago when such a policy had to be written as a commercial insurance policy. Vacation Rental use may be mixed with a Secondary or Vacation owner-occupied use where you occupy the house some parts of the year and rent it out during other parts of the year. Part of the year you are the owner-occupant and part of the year you are a landlord.

The question is:  What do you plan to do with your rental property?  Rent it out to a long-term tenant, rent it on a short-term basis and occupy it yourself at various times throughout the year or rent it short-term all year around?  This decision is important in order for your insurance to properly cover you. When you make the transition the house from an owner-occupied to tenant-occupied dwelling, you become a landlord.  There is important coverage in a landlord policy that is not in a owner-occupied homeowner policy.

You know what to do if you have questions about your landlord insurance quote, right? Call me, Steve, Your Insurance Pal.