Landlord Insurance
Did you know that almost of third of the Denver Metro area rents? Not to mention we have the lowest rate of mortgage delinquencies in any state? Needless to say, renting your home in Denver is very popular and worthwhile. Below we cover some the essential coverages that will help protect your investment. If you have more specific questions feel free to reach out.
Dwelling Coverage (ex.$350,000)
Dwelling Coverage is the amount of money the Insurance Company calculates using both readily available public information and pictures of the home to calculate replacement cost. Dwelling Coverage indicates the amount of money it will take to rebuild just the structure of your home in like or kind condition. Keep in mind this number will not represent land value or market value. Its only purpose is to identify the amount of money it will take to replace the structure of the home.
Personal Property Protection
As a Landlord Personal Property Protection can go one of two way's. First, if you're a landlord that fully furnishes the residence, it may be wise to carry higher levels of Personal Property Protection Coverage. However, if you don't furnish the residence and only provide appliances and minimal necessities than lower levels of coverage here would be more applicable.
Family Liability Protection
Liability protection as a Landlord is very important. If for example, you the Landlord are negligent and forget to repair some flooring in your property and the tenant falls through the floor and is hurt. You as the Landlord would be liable for bodily injury, rehabilitation, and time out of work. If you have lower levels of coverage here, and insurance is not enough to make your tenant whole if injured. You would then potentially have to liquidate assets or have wages garnished to make your tenant whole.
Optional Coverages
Burglary Coverage - This may be a fitting coverage if you're the type of landlord that likes to fully furnish your locations or maybe you keep a good amount of tools and supplies on the premises.
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Vandalism Coverage - This coverage is always a good idea if you perhaps live in an area where graffiti and other types of vandalisms are prevalent. It's important to try and use reasonable precautions to protect your property as well.
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Building Codes Coverage - This is a great coverage if you perhaps own an older property and know that some of the methods used to build the property may not be up to the current building codes. With this coverage if there is a claim and its discovered that a portion of the home is not up to code, extra money will be allotted to bring the effected area up to code.