Best Habitational Insurance
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What Is Habitational Insurance and Who Needs It?
Habitational coverage is business insurance designed for landlords and property owners who have rented residential spaces, such as apartments, duplexes, condos – even boarding houses and dorms.
Habitational insurance is an enhanced version of landlords coverage and protects the contents of a property, as well as liability costs and the dwelling itself. If you own residential properties that are rented, you need habitational insurance to protect yourself – and your tenants.
Customized Policies Tailored to Your Needs
Although habitational risk insurance is specific to certain residential properties, it is best to make sure you are covered for all eventualities. Most habitational policies include damage caused by tenants, such as fires, water and vandalism.
Like most policies, this probably will not cover flood and earthquake damage, but you can look into adding specific coverage for these events if necessary.
At InsureOne, you can get a flexible and customized policy for your properties that keeps you protected. Habitational insurance allows you to have the best coverage available for your unique situation.
Eligible Properties: From Apartments to 55+ Communities
As a property owner who has rental properties, you are likely eligible for habitational insurance. Whether you own an apartment complex or a specialized rental community such as a 55+ only, you may be opening yourself up to habitational risk and liability issues. That is why habitational insurance works for most rented residential properties.
What is the Difference Between Habitational, Commercial Property, and Landlord Insurance?
Simply put, habitational insurance covers the contents of a property, plus liability costs, while landlord’s insurance covers tenant-related damages, lost income and damages to structure. Both of these types of insurance may be considered examples of what a commercial property insurance policy can be composed of depending on circumstances.
Your commercial property insurance policy can be structured to accommodate your specific needs. It may be that you want to have an enhanced version of landlord’s insurance as part of your overall commercial property package. A commercial property policy includes a variety of coverages and you may not need them all. Many property owners customize their package to include what they need and exclude what they don’t need.
Is Habitational Insurance Mandatory For Property Owners?
No. This type of business insurance is not legally required, but it is still highly recommended, especially for those with properties with multiple tenants.
How Are Habitational Insurance Rates Determined?
Just like with any home insurance or property insurance, many factors go into the actual policy cost, including location, condition, building materials, history of claims and more.
Can Tenants Obtain Habitational Insurance Or Is It Just For Property Owners?
No, this type of insurance is for property owners, not tenants. Tenants who wish to protect themselves and their property should look into renters insurance.
How Can I Reduce My Risks as a Landlord?
You can reduce your risks as a landlord by carefully scrutinizing who you rent to, as well as maintaining your property so it is not conducive to injuries. Swimming pools and playgrounds will also raise your risk, so be cautious about including these items at your rental property.
Contact InsureOne for Personalized Assistance with Habitational Insurance
If you are a residential property owner with apartments, duplexes or any type of multi-family arrangements, consider habitational insurance to protect you.
Talk to your neighborhood InsureOne agent to get the details on how you can customize your commercial property insurance to remain protected against claims. Give us a call at (800) 836-2240, go online for a fast quote or stop by one of our convenient locations.