Renting Out Your Property? Get These Landlord Rental Insurance Tips First

ID-100240741If you are looking to rent out your home you need Landlord coverage which is different then your regular home insurance and offers you the coverage you need.

Here are some of the requirements to consider:

Cover loss for reconstruction limits.

Make sure you insure your home for the total cost to rebuild. If there were a hurricane, fire or other devastation to your property you want to be sure your policy will pay for it and not out of your pocket. The same is true for separate structures that may be on your property such as a detached garage. Be sure to ask about the inclusion of Flood or Earthquake coverage for your policy.


This is one of the top priorities to consider when renting. One if the home is in great condition it is more attractive to rent out. Two, keeping your home up to date and safe can help you to avoid a lawsuit from your tenant or a guest in case something should occur. Having landlord insurance will help keep you covered in such an event.

Follow that Building Code!

In case of a loss to your property and repairs are needed, have an inspection to be sure your building code is up to date. Your policy will not cover your costs unless specifically stated that way in the policy, these are considered mandatory upgrades.

Loss of Rent

If something should happen to your home that makes it uninhabitable and will take time for repairs, you will lose your tenets and rent check for that time. Getting this on your coverage will protect you and keep you going until the home can be rented out safely.

Coverage of landlords items on or in the property.

While tenets should get Renters Insurance to cover their personal belongings, a landlord should also have coverage for whatever belongs to landlord, such as the refrigerator, stove etc. Ask about this coverage since it is separate from the structure coverage. As a landlord your are not responsible for your tenants personal items.

Legalities and Lawsuits

Your landlord insurance policy is designed to cover legal issues between you and your tenants, property and fees for judgments for lawsuits over libel, slander, discrimination, unlawful eviction, invasion of privacy and more.

If you are considering renting out your property make sure you have the right coverage.


Photo Courtesy of Stuart Miles


How To Protect Your Personal Property with Renters Insurance

ID-100249008There are affordable benefits to renting a house, apartment, condo, or mobile home; you are not responsible for repairs, you can move on after the lease is up and you do not have the added expenses for taxes and home insurance that can be quite costly.

While many people are renting, some renters do not have renters insurance because they do not know it exists or think they cannot afford it.

Renters Insurance can be affordable and help is available to find a plan that you can afford. Do not count on your landlords home insurance to have coverage for your personal belongings or liabilities.

Renters Insurance covers typically furniture, your TV, stereo, appliances, clothing, personal valuables and liability for injuries. If most of a renters belongings were stolen, consider what the cost would be to replace those items. Renters Insurance also covers you in case someone gets injured in your rental. You won’t have to pay their medical bills, nor would you have to pay legal fees if you are sued depending on the policy you choose.

If you cannot live in your rental due to a fire or other damage, you may purchase Additional Living Expense Insurance that can cover your out of pocket living expenses, including hotel charges and meals.

Types Of Personal Property Coverage

Deciding on the amount of your coverage is a very important way to save money. Consider what you can afford though if you do in fact lose everything in a disaster. Would you be better off with a higher deductible and a lower cost policy?

Take Inventory

Once you purchase Renters Insurance, be sure to take inventory of your belongings, furniture and everything in your dwelling. Use photographs or a video. Show serial numbers when available, open closets, drawers, your garage and storage areas. Be as detailed as possible. Don’t keep your photos or video in your dwelling! Save them on line, in a safety deposit or make copies for family and friends to save for you.

When you have Renters Insurance you’ll feel much more at ease because there’s less worry about the what ifs. You’ve taken the proper steps to cover the contents of your rental. When there’s a lightning storm, remember Florida is the lightning capital of the US, you know your microwave, washer, TV, etc. are covered. When a hurricane or tropical storm is headed your way, you can take the proper precautions for you and your family and not worry about your furniture or computers.

Paying a small amount of money now can save you lots in the end with Renters Insurance. Call us today with any questions, glad to help.


Photo Courtesy of phasinphoto at

Rental Insurance Tip Actual Cash Value vs Replacement

id-100262368 Actual Cash Value vs Replacement – How it Works;

Your Deductible is the amount you can expect to pay for a loss before your rental insurance policy takes over any cost for you. When you are choosing your deductible, which can be from $100.00 and up, take into consideration the dollar amount you figure for your possessions.

Once you have that figure calculated add a bit more for extra’s. A good way to start this, is to plan out a well detailed inventory list, and while you are doing this list be sure to add to it any receipts, id numbers etc and a little more for things you’ve forgotten or under-priced

Your Actual Cash Vale or Replacement cost is also considered when choosing your policy. Some insurance companies will reimburse you either way but considering that somethings depreciate in value you will be in a better position to go with replacement verses actual cash.

If your total dwelling is destroyed you may want to look into Total Cash Coverage. This is also where your inventory list you have kept in a safe place will come very handy to you. This will cover you for the total amount of renter’s insurance.

Some renter’s insurance Premiums are paid annually, while other companies allow you to pay quarterly or even monthly.



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Insurance for Aircraft Rentals

Aircraft insurance is a must have if someone is learning to fly and to cover liability. There are factors to consider when applying for the rental insurance. The size and condition of the plane, how skilled the pilot is and what kind of company if any is involved with the transport of cargo or passengers.

If an airplane is in great condition, no wear and tear on the body, engine, wings and other areas, you chances of getting a lower rate are good. If the aircraft is in poor shape, not only would I not want to fly in it but, the risk is greater, bringing the insurance rate higher. When it comes to coverage for renting an aircraft, paying the bit extra is wise as checking out the plane throughly before taking flight.

Rental Insurance for aircrafts covers damage to the plane, injury to persons on the plane and mechanical problems that may occur.

Last but not least, anyone wanting to rent an aircraft will have to show they are qualified to fly.The more skilled the pilot, the less the coverage, and the less skilled, perhaps someone learning to fly or just received their pilots license will pay more.

Go over any insurance policy carefully and be sure you understand what is needed and possibly not needed for your circumstances.

Call us today to get your questions answered. 863-453-3903

or visit our website fill out the form and we will have an agent contact you within 24 hours.

We find insurance that meets every budget!

Ashley Bishop Owner/Agent

Budget Bi Rite Insurance, Inc

Serving All of Florida