Farmers Landlord Protector Insurance Policy
When insuring a home, it is extremely important to the insurance company to know the purpose of the home. Whether it be your primary residence, seasonal or second home, occupied by family members, or tenant-occupied. In the case you are renting a home to others, you will need to insure it under a landlord protector policy.
A landlord protector policy covers your liability on the premises of the home, when you are renting it to others. Your home insurance claim can be denied if the policy is not written this way. You may also want to require that your tenant carry a renter’s insurance policy. This will cover the renter’s personal property and at least $100,000 of liability coverage. If the liability coverage is sufficient in the event of a claim, this prevents you from having to use your own insurance policy and thus your rates increasing.
The Landlord Protector Policy can be written to cover up to 4 units in the same building. (Insuring a building with more than 4 units would require a commercial insurance policy, which tends to be more expensive). You also want to make sure that the home is not vacant for more than 30 days between tenants. Insurance companies do not like to insure vacant homes since the risk of theft and vandalism is much greater. Read about vacant home insurance here.
If you have any questions about our Farmers Landlord Protector home insurance policy, please call me at (949) 436-0740.