Category: Insurance

Your landlord insurance policy may protect against property damage and loss. If tenants cause damage that will require extensive repairs, your insurance policy may cover some of the costs you face.

Rental Inspection Process

Inspect each property you plan to rent out. This will determine its condition. Take pictures or record footage of each dwelling.

The images that you capture can be referred to later if necessary. If a tenant damages a rental property, you can use the images to substantiate the fact that the tenant is responsible for the damage.

Damage Protection

A landlord insurance policy will cover structural and cosmetic damage that occurs to a rental property. If you are responsible for paying out-of-pocket costs to rehabilitate a property, the damage protection will allow you to recoup some of the costs you are faced with.

Non-Occupied Coverage

Non-occupied coverage does not provide protection against damage caused by tenants. This optional type of protection covers dwellings that are not ready to rent out.

If you are going to be rehabilitating a property, for instance, the non-occupied coverage will provide financial relief if one of the rental units is vandalized or damaged in another way.

Accidental Damage

Your policy may cover accidental damage caused by a tenant. This type of coverage will pay for repairs needed to restore a rental to its original condition.

Landlord Insurance Policy

If you are ready to discuss the landlord insurance protection you seek, contact one of our agents who serves the Zionsville, IN region. During the consultation, an agent who represents the Completely Independent Insurance Agency will ask questions. Your answers will guide them in recommending landlord insurance coverage to you.

The Significance of Protecting Your Rental Property Investments

As a landlord, safeguarding your investment is crucial. At Completely Independent Insurance Agency, serving Zionsville, IN, we understand the complexities of managing rental properties and the importance of securing appropriate insurance coverage. Loss of Rent coverage is one particular coverage you might not have yet considered.

What is Loss of Rent Coverage?

Loss of Rent coverage, or Rental Income Insurance, protects landlords from financial loss when a rental property becomes uninhabitable due to events such as fire, storm damage, or vandalism. It ensures you continue receiving rental income even when your tenants can’t occupy the property. This maintains the cash flow, enabling you to keep up with mortgage payments and property maintenance.

Why is Loss of Rent Coverage Important?

Imagine a scenario where a fire severely damages your rental property. You would not only face repair costs but also lose the rental income you depend on. Without Loss of Rent coverage, this double hit can be financially devastating. This coverage acts as a safety net, covering the lost rental income during the repair period. This allows you to concentrate on restoring your property to its rentable condition without the added stress of lost income.

Secure Your Rental Property Investments

Protecting your rental property is not just about covering physical damages; it’s also about safeguarding your income. At Completely Independent Insurance Agency, serving the greater Zionsville, IN region, we are here to help you understand and secure the best coverage for your needs. Contact us today to learn how Loss of Rent coverage can provide peace of mind for your rental investments.

Anyone who lives in the Zionsville, IN area will fully understand that there is a lot of demand for housing. While this can make it a great place to own your own home, it can also be an excellent place to own an investment property and lease it out to others. When you are looking to purchase an investment property, you need to have a landlord insurance plan in place. There are various reasons to get this coverage here. 

Protect Assets

A primary reason to have a landlord insurance plan is to ensure you are able to protect your assets. An investment property could be damaged by fire, weather, or other risks, including the risk that a tenant will cause damage. You will have coverage for these risks if you have the right insurance. A landlord insurance plan is designed to mitigate this concern. 

Further Liability Coverage

Many types of liability insurance can come with owning a rental property. A landlord insurance plan is a great way to go when you are looking to protect yourself. When you have this insurance, you will receive unique liability coverage that can help ensure you are covered if you, or a lessee, are found liable for an accident. 

If you invest in a rental property and live in the Zionsville, IN area, you will want to have a full landlord insurance plan. Once you are ready to start shopping for a new plan, you can get much support by calling our team with the Completely Independent Insurance Agency. Our professionals with the Completely Independent Insurance Agency know the value of this coverage and will help you build a proper plan to protect you and your property. 

For landlords and tenants in Zionsville, IN, figuring out what type of insurance you need can get complicated. Our team at Completely Independent Insurance Agency is here to ensure that you – whether you live in rental properties or own rental properties – don’t get the wrong kind of insurance. One of the most common confusions new landlords have about insurance is what policies would be appropriate for their needs. If you’re a new landlord or a seasoned landlord, our general information about these insurance policies can help you understand what makes each one unique.

What Is Landlord Insurance?

Landlord insurance is designed for landlords who want to protect their properties from damage, liability, and other concerns. It may be legally required in some areas, but even when it’s not necessary from a legal perspective, it’s smart to have it from a practical perspective. As a landlord, your income from rentals may support your lifestyle or family so it’s important to protect it with the right policy.

What Is Renter’s Insurance?

Renter’s insurance is for tenants to protect their belongings and cover qualifying damage in the rental unit. While every policy is different, some renter’s insurance policies may protect belongings against theft or cover expenses related to qualifying disasters.

How Are They Different?

Renter’s insurance is for tenants who rent apartments and houses. On the other hand, landlord’s insurance is for landlords and property owners. They cover different things in terms of damage, liability, and other aspects of the landlord-tenant relationship. 

Consult With Us

To learn how our team of professionals can help you protect your rental property in Zionsville, IN, call our team at Completely Independent Insurance Agency. You can also stop by our office to speak with one of our landlord insurance professionals.

There are tens of thousands of successful landlords in Indiana. Although the state of  Indiana doesn’t require these business people to have landlord insurance, the smartest landlords always carry it. Policies vary, so it’s essential to discuss your coverage needs with your agent at Completely Independent Insurance Agency serving Zionsville, IN.

Here are some common areas that landlord insurance may cover:

Coverage For Tenant Damage

Malicious tenants may intentionally damage for retaliation against a landlord or simple irresponsibility. Today, addiction to illegal substances is also prevalent, which can lead to violent acts against rental property. Landlord insurance protects owners from these kinds of losses.

Rent Guarantee/Loss of Rent

Some landlord insurance policies protect owners from failure of tenants to pay rent. If some kind of problem arises where a tenant skips several months, landlord insurance may cover that loss until such time as an eviction can be arranged.

Legal Expenses

Depending upon the policy, a landlord’s legal expenses pertaining to an eviction may be covered. This is a substantial benefit since there are several fees to be paid, including sending the sheriff with the eviction notice and more.

Landlord Liability

If a tenant, a contract worker or an employee working for the landlord is injured on the rental property, landlord insurance may cover that liability, even if the landlord is sued.

Risk of No Coverage

Without landlord insurance, rental property owners risk losing their investment. Just one instance of tenant damage, rental income loss, or a lawsuit could result in expenses that lead to the necessity of selling off the property to pay for related expenses.

Consult With Us

The smartest thing you can do as a landlord is to discuss options with your agent at Completely Independent Insurance Agency serving Zionsville, IN. Contact us today for a consultation.

Owning a rental property can be a great option for people in the Zionsville, IN area. When you are an investment property owner, you will enjoy having an income-producing asset that can also appreciate in value. When you get this type of investment property, you do need to get the proper insurance for it. A landlord insurance plan can protect your Indiana investment property in various ways. 

Property Protection

One of the advantages of having a landlord insurance plan is that it can protect your property. With tenants occupying your home, you have less control over potential damage caused by negligence, fire, or other risks. When you have landlord coverage, you will have the support needed to make repairs. If the property cannot be occupied for a period of time during remediation, you may also receive coverage for any income you lost during that time.

Liability Support

There are also more liability risks that come when you rent a property out to a third party. If a tenant, or their visitor, is injured while on your premises, you can be held liable. If this happens, the cost to cover medical bills and other damages can add up quickly. If you continue to carry a landlord insurance plan, you will get support to mitigate this risk.

Reach Out To Us

If you are a property owner in the Zionsville, IN area and intend to lease the home out as an investment property, having landlord insurance is extremely important. As you are looking to build a new policy in this part of Indiana, you should call our team with the Completely Independent Insurance Agency. There are a lot of important choices to make when you are shopping for a plan, and our team with Completely Independent Insurance Agency can help you build a new policy.