Your rental property is an important investment and can provide a steady source of income. But all sorts of hazards, from kitchen fires to lightning strikes, could damage your property – and your wallet.
Henry M. Murray Agency offers various rental property insurance options to protect you from these and other types of losses unique to landlords and rental properties.
Landlord Insurance Coverage
A basic landlord's insurance policy covers:
- Rental Property - protects the dwelling and attached structures.
- Personal Liability - covers you in the event you are sued for Bodily injury or Property damage.
- Medical Payments - to cover medical bills resulting from injuries that occur on your property.
Additional coverage for landlords may include:
- Ordinance & Law
- Water Backup
- Loss of Income
- Personal Property
Contact us for additional details and coverage options.
How Much Does Rental Property Insurance Cost?
Many landlords are suprised to find out how affordable rental property insurance can be. There are many factors that go into determining the cost including the value and number of properties you are insuring. The amount of liability insurance you select will also contribute to the cost, along with other factors.
You may qualify for discounts if you insure your home and/or car with the same company as your rental property. Ask about other discounts for homes with sprinkler systems, alarm systems and other safety factors.
How To Choose Rental Property Insurance
As one of the leading independent insurance agencies in Annapolis, we can help you understand the types of coverage available and choose the one that is best for you. We represent several of the nation's leading insurance companies and offer a variety of coverage options for your rental property or vacation home.
Here are a few things to consider when shopping for rental property insurance:
- What is the age, condition and value of the home?
- Do you need replacement cost coverage or actual cash value?
- What amount of liability is needed? Does the property have a swimming pool?
- What safety factors do you have? Sprinkler and/or alarm system? Gated community? Smoke-free policy?
Rental Property Insurance FAQs
What types of rental properties are covered?
Henry M. Murray Agency offers rental dwelling insurance coverage, also known as a landlord insurance policy, for a variety of tenant-occupied properties including multi-location single family homes/condos/row houses, one-four unit tenant buildings and vacation rental properties. We also offer coverage for property managers and commercial rental properties, please contact our office for more details.
Do you offer renters insurance?
A rental dwelling insurance policy is for the property owner/landlord, however we do also offer renters insurance policies for tenants. Please contact us for more details.
What's the difference between a homeowners insurance policy and rental property insurance?
A homeowners insurance policy covers your personal residence. Rental dwelling insurance covers properties that you own but do not occupy.
Get A Landlord Insurance Quote
Henry M. Murray Agency has been serving Annapolis since 1881. We take pride in our customer service and support and the range of insurance options we provide. Let us help you select the landlord insurance policy that's right for you.
Contact us today for a rental property insurance quote. Call 410.417.6505 or request a quote online.