Rental Property Insurance in Montgomery, AL
Owning a rental property can prove to be a rewarding investment, but doing so also comes with a need to account for unique risks and responsibilities. By entrusting your buildings and properties to other parties, you may lack the ability to fully control safety and prevent all incidents. With this in mind, insuring rental properties with appropriate policies must be a top priority for any responsible landlord.
What Is Rental Property Insurance? 
Rental property insurance, often called landlord insurance, is designed to protect property owners from financial losses related to their rental properties. Unlike standard homeowners insurance, which may only apply when the policyholder uses the insured property as their primary residence, this coverage can address the specific risks associated with renting out a house or other residential property.
Key Coverage Options
At Varon Insurance, we take pride in helping local landlords identify and secure optimal rental property insurance policies, often including the following:
- Structures coverage—Covers damage to the physical structure of your rental property, including its walls, roof, foundations and plumbing and electrical systems
- Liability coverage—Helps protect you from financial fallout if a tenant or visitor is injured on your property or experiences property damage and you’re found responsible.
- Lost income coverage—Provides compensation if your rental becomes uninhabitable due to a covered loss, helping to replace income you would have earned.
- Personal property coverage—Offers compensation if you leave items on-site that are damaged by a covered peril, such as maintenance equipment and common area furniture.
You may also want to consider additional insurance policies and endorsements, such as for floods and umbrella liability.
Why Is Insurance Important?
As a landlord, you face risks that standard homeowners policies typically won’t cover. Rental property insurance can help protect your investment from unexpected events, legal claims and income loss. While policies are not typically required by law, lacking sufficient coverage could leave you facing catastrophic losses and an inability to repair or maintain your property. Furthermore, if you’ve purchased your rental with the help of a lender, they’ll likely mandate coverage.
Find the Right Coverage
If you own rental property in or around Montgomery, AL, let us help you find the right insurance solution. Contact our team today to discuss your coverage options and get a personalized quote.