Being a st louis, missouri landlord can be a juggling act when trying to balance renting out your property with good tenants, collecting rent, managing your properties, plus many other legal and financial matters. Having a good insurance policy is one step in the right direction. Select Insurance Group is here to guide you through some of the top questions to ask when looking for st louis missouri landlord insurance coverage.
Things can go wrong with the properties you rent out. Whether it’s an injury due to a liability issue or some type of property damage, you’ll want to know the specifics of your insurance policy and what it covers.
Here are questions you should consider asking when deciding on st louis missouri Landlord coverage for your st louis missouri rental properties:
1. When shopping for st louis landlord insurance, what coverage is available?
There are typically two levels of coverage – basic coverage (Named Peril) and a more expensive, but broader coverage (Comprehensive). Basic coverage includes Liability and coverage for your Dwelling. There are also other coverages available such as Personal Property, Other Structures and Loss of Rents. Be sure to ask your insurance agency to look for a company that will provide coverage for your situation and that is flexible with what you want.
2. What’s the difference between Replacement Cost and Actual Cash Value?
Actual cash value settlement will have a lower premium, and pays the depreciated value of your property in the event of a loss. Replacement cost settlements require higher premiums up front, but would pay for the amount to replace your property without factoring in depreciation in the event of a loss. The choice is up to you based on your situation and preference.
3. What if my rental property is vacant or in between tenants?
Vacancies happen so you’ll want to know how your insurance company will handle this situation. Be aware that some companies will deny or reduce coverage if the property’s vacant for 30-60 days. Check into your options, as a vacant policy may be a possible solution for you.
4. Am I required to insure both my primary home and rental property with the same company?
Many people insure their rental property with the same company they have a homeowner’s policy with. However, two scenarios are common for using separate companies. One is that the company may have additional restrictions for rental properties including physical condition, liability exposure, credit scoring or even the number of rental properties owned. Your rental property may be in one of their restricted categories.
The second scenario is that people are looking for a specialized carrier. With a specialized company, you can get specific coverage for your situation, discount packages, claims expertise, more schedule options, multiple dwelling policies and one bill for multiple properties. Ask your agent or broker to find out what works best for you.
5. What kinds of st louis landlord insurance discounts are available?
Everybody wants to save money. Ask what’s available for you. Some companies give you a bigger discount the more properties you insure with them. Other companies reward you if your rental is managed by a property management company, if you screen your tenants, or if you are part of a landlord association.
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Showing posts with label House Insurance. Show all posts
Showing posts with label House Insurance. Show all posts
Sunday, May 8, 2011
Answers to homeowners about fallen trees and damages
"If my tree falls in my yard will my home insurance pay for it?" We get this question all the time; however, the answer varies depending on a number of factors. Generally, this is how it works:
The answer is Yes. However, the tree must hit a covered structure to trigger your homeowners policy. Also, there is generally a limit per tree and a limit per loss. For example, if the coverage is $250 per tree, and a $500 limit for the loss, then you are only covered for $500, regardless of how many trees fall. If the tree does not hit a covered structure then the tree is not covered - so therefore, if it falls and lands only on, say, your driveway or sidewalk in front of your house, your homeowners insurance won't cover it.
We also get another similar question: "If my tree falls and lands in my neighbors yard, who pays for it?" Each party puts the claim in through call his/her own house insurance. So your house insurance will pay to remove the part of the tree on your property as long as it hit a covered structure. (house, fence, shed, etc.) Your neighbor will have to call his/her own home insurance company to have the portion of the tree on their property removed. It is likely unless the tree hit a covered structure (owned by the neighbor) it won't be covered by their policy and they will have to pay for any removal cost out of their own pocket.
Here's another common question: "My neighbor’s tree falls and hits my house - who covers it?" Even though it’s the neighbor’s tree, it’s still going to be covered by your policy. Your policy will fix your house, and then remove the portion of the tree that is on your yard.
Some insurers now sell optional endorsements that will remove the requirement for the tree to hit a structure. It’s generally not that expensive to add these options if your insurer offers it, and especially if you have at least one or more trees in your yard or the vicinity of your home, it’s worth checking with your agent.
The answer is Yes. However, the tree must hit a covered structure to trigger your homeowners policy. Also, there is generally a limit per tree and a limit per loss. For example, if the coverage is $250 per tree, and a $500 limit for the loss, then you are only covered for $500, regardless of how many trees fall. If the tree does not hit a covered structure then the tree is not covered - so therefore, if it falls and lands only on, say, your driveway or sidewalk in front of your house, your homeowners insurance won't cover it.
We also get another similar question: "If my tree falls and lands in my neighbors yard, who pays for it?" Each party puts the claim in through call his/her own house insurance. So your house insurance will pay to remove the part of the tree on your property as long as it hit a covered structure. (house, fence, shed, etc.) Your neighbor will have to call his/her own home insurance company to have the portion of the tree on their property removed. It is likely unless the tree hit a covered structure (owned by the neighbor) it won't be covered by their policy and they will have to pay for any removal cost out of their own pocket.
Here's another common question: "My neighbor’s tree falls and hits my house - who covers it?" Even though it’s the neighbor’s tree, it’s still going to be covered by your policy. Your policy will fix your house, and then remove the portion of the tree that is on your yard.
Some insurers now sell optional endorsements that will remove the requirement for the tree to hit a structure. It’s generally not that expensive to add these options if your insurer offers it, and especially if you have at least one or more trees in your yard or the vicinity of your home, it’s worth checking with your agent.
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