The Insurance Policy You May Not Know You Need: Landlord Insurance.

Whether you are a landlord of several properties or are simply renting your extra space for the summer, do not forget Landlord insurance. There is much at risk and elements that you may not have considered when it comes to liability and insurance requirements. Wellspring Insurance Network Inc. provides insurance for homeowners in various situations in and around Frederick, MD.

What Are You Responsible for as Landlord?

The question of your rights and responsibilities as a landlord clears up why insurance is so important. In short, you could end up responsible (liable) for just about any situation your tenant is involved in while they rent from you. Yes, they should have renters insurance but that only covers so much and it is not unheard of for lawyers to go after the landlord in different situations where a tenant cannot pay. Whether a tenants dog bit someone, or their guest injured themselves on the property no matter the situation the liability could fall right on your lap. Full coverage landlord insurance can give you peace of mind when it comes to renting out your properties.

Landlord insurance does not just protect you from lawsuit type situations, you need coverage for the event of a natural disaster or even a "disaster" renter who makes the home inhabitable until repairs are made, in some cases insurance can even cover the loss of income from that time lost. Also note that if you are simply relying on your established homeowner’s insurance policy, it may be voided by the fact that you no longer live in the home. Each situation varies and it is important to talk to a knowledgeable agent. 

Contact us to discuss your Landlord Insurance needs. At Wellspring Insurance Network Inc. we proudly provide insurance to residents in and around Frederick, MD.

Do I Need Renters Insurance for an Isolated Home?

If you have rented a vacation home or condo, you need to ensure it just like your primary home. Your possessions will be at high risk because you aren’t available all the time. However, many factors go into setting the price for your renter’s insurance plan, and in most times, the cost of protecting a secondary home is always higher than that of a primary residence. This is because having someone around the property protects it against perils and keeps burglars away. So, whether you have just rented your new second home or you already have one, this guide will assist you to know the importance of having enough insurance coverage for your isolated Frederick, MD home. 

Cost of insuring a vacation home

To protect your isolated home, you simply need to buy an independent renters insurance plan. The insurance company, like Wellspring Insurance Network Inc., will consider some factors before setting the premium price. Usually, the factors include the deductible you choose, replacement cost limit, as well as other applicable risks.

Why is ensuring an isolated home more expensive?

The residence is inhabited most of the time, so the probability of filing for claims is higher. For instance, if a vacation home catches fire, no one will be there to contact the fire department, meaning that the loss will be catastrophic, especially if the residence is located in a remote place.

Make sure you don’t mislead your carrier to think that your isolated home is your primary home just to reduce the cost of premiums. The savings you will make on the renter’s insurance plan are not worth the risks.  Your insurer will not offer the protection you need if you file a claim for your vacation home and they realize you lied about its status.

For more information on renters insurance for your isolated Frederick, MD home, contact Wellspring Insurance Network Inc.