Comments on: What kind of insurance do I need to cover my rental property? http://www.ramsey-rentals.com/what-kind-of-insurance-do-i-need-to-cover-my-rental-property/ Mon, 03 May 2010 08:40:34 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: ranger_co_1_75 http://www.ramsey-rentals.com/what-kind-of-insurance-do-i-need-to-cover-my-rental-property/comment-page-1/#comment-179 ranger_co_1_75 Thu, 28 Jan 2010 15:52:53 +0000 http://www.ramsey-rentals.com/what-kind-of-insurance-do-i-need-to-cover-my-rental-property/#comment-179 Land Lord insurance is different from Home Owners Insurance. Usually Land Lord Insurance only covers the replacement cost of the building, nothing for tenants belongings. Tenants need to purchase their own insurance. Because of it not covering as much as Home owners insurance, it does not cost as much. Liability Insurance is not covered in Land Lord Insurance. That is a separate policy or in some cases will be covered by your home owners policy. This is a personal judgment call. I personally think it is cheaper to buy a Liability policy than risk loosing everything I own in a civil suit. Land Lord insurance is different from Home Owners Insurance. Usually Land Lord Insurance only covers the replacement cost of the building, nothing for tenants belongings. Tenants need to hold their own insurance. Because of it not covering as much as Home owners insurance, it does not cost as much.

Liability Insurance is not covered in Land Lord Insurance. That is a separate policy or in some cases will be covered by your home owners policy. This is a personal judgment call. I personally reckon it is cheaper to buy a Liability policy than risk loosing everything I own in a civil suit.

]]> By: Twitter Bird http://www.ramsey-rentals.com/what-kind-of-insurance-do-i-need-to-cover-my-rental-property/comment-page-1/#comment-178 Twitter Bird Thu, 28 Jan 2010 15:51:59 +0000 http://www.ramsey-rentals.com/what-kind-of-insurance-do-i-need-to-cover-my-rental-property/#comment-178 You need homeowners insurance for non occupying owner (rental property policy). It costs about the same as your owner occupied homeowner policy, but you get less coverage. Yes, you can be sued for injuries that occur on your property. You need homeowners insurance for non occupying title-holder (leasing property policy).

It costs about the same as your title-holder full homeowner policy, but you get less coverage.

Yes, you can be sued for injuries that occur on your property.

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