Dwelling Fire/ Rental Property There are many benefits to investing in rental property. Such as; earning passive income, tax advantages, and it is a great way to grow a real estate portfolio. If you have invested your time and finances in managing a rental property, it’s important to have the proper insurance to protect your investment. What is rental property insurance? Dwelling fire insurance, commonly referred to as Renter’s insurance, is a type insurance that is more specifically tailored to cover unique risks associated with having tenants. Dwelling/Renter’s insurance offers protection to the owner of the home by insuring the property for liability or losses associated with the property. Rental properties can have various differences, such as, renting out a room, a vacation home or a single family home. This is why it is important to be sure to have the proper rental property insurance for your specific property type. What does rental property insurance cover? Coverage varies according to the selected policy and the insurance provider, but typically, a dwelling fire policy will cover:the dwelling and any additional buildings on the property,landlord contents of the property (such as appliances, fixtures, and water heaters),liability coverageloss of rental incomeSimilar to traditional homeowners insurance, rental property insurance covers a dwelling from peril such as fire, lightning, wind, hail, or other covered losses.However, coverage for the personal contents found inside the property is where rental property insurance differs from homeowners insurance. Most rental property insurance does not provide coverage for personal contents belonging to the tenant nor the landlord.Rental property insurance also differs from homeowners insurance by providing additional coverage to better protect the property owner, such as, liability insurance and loss of rental income.If an event occurs where the property is inhabitable, the insurance can reimburse lost rent up to a specified amount to account for income that would have been collected if the property was rentable. If you are looking to manage a rental property or currently own a rental property, it’s important to speak with one of our experienced agents to help you determine which policy and provider can offer you the best coverage for the best rate for your specific rental property.Contact us today and let us help you better protect your investment!