Rental Property Insurance
Safeguard your property, your tenants, and ultimately, the income from your rental business.
Residential Investment Property Program
Program Highlights
- Replacement Cost Coverage
- Basic and Special Form Options
- Liability limits starting at $1 million per occurrence/$2 million annual aggregate
- Multiple deductible options
MyRentalGuard is a leading real estate investment insurance program. Whether your properties are occupied, vacant, or under renovation, our month-to-month plan consolidates your entire portfolio into one easy-to-manage schedule and invoice.
You’ll benefit from flexible coverage options and the ability to customize your policy with a variety of optional standalone products—tailored to fit the specific needs of your portfolio.
Covering Your Rental Property
The right insurance policy is key to safeguarding your property and ensuring the income from your rental business remains secure. Owning and renting out a rental property comes with numerous risks, and a standard homeowners insurance policy won’t provide the necessary coverage. As a landlord, it’s essential to be protected against everything from storm and fire damage to potential lawsuits and medical costs.
We work closely with you in determining the potential risks your property presents and cater specific products to protect your bottom line.
What is the difference between Actual Cash Value (ACV) and Replacement Cost (RC) coverage?
Actual Cash Value (ACV) coverage pays for the depreciated value of your property, meaning you receive less money based on age and wear. Replacement Cost coverage pays the full amount to replace the damaged item (up to the policy limits) without deducting for depreciation.
What determines the cost of rental property insurance?
The four main factors that determine the cost of coverage are: the coverage amount you carry, the location of the property, your deductible selections, and the policy form type: basic or special form. We will work with you to help determine the most comprehensive option within you budget while protecting your bottom line.
What is Coinsurance?
Coinsurance is a clause in many property insurance policies that requires you to insure your property for a certain percentage of its total value—often 80%, 90%, or 100%. If you don’t, you may face a penalty and receive less money after a claim. To avoid penalties, we make sure your coverage amount meets or exceeds the required percentage of your property’s value.
Property Coverage
The first key component in protecting your rental is property insurance. This coverage protects the physical structure of your building from damage caused by specific events, known as perils.
Some common perils covered by commercial property insurance for apartment buildings include:
- Wind and hail
- Lightning
- Fire and smoke
- Water
- Earthquake
- Vandalism
Liability Coverage
The second major component of insurance for rental owners is liability coverage. This type of insurance primarily protects against legal claims and medical expenses. For instance, general liability insurance can help cover costs if someone is injured on your property due to negligence and decides to file a lawsuit.
- Bodily Injury
- Property damage
- Personal Injury
- Legal Defense Costs
- Medical Expenses
Additional Coverages
In addition to the core types of rental property coverage, there are several specialized insurance options available that can provide added protection. These coverages allow you to tailor your policy to better fit the specific needs of your property, offering extra security.
- Business income coverage
- Enhanced ordinance and law (A/B/C)
- Water backup ($10,000 Included)
- Vandalism & malicious mischief ($30,000 included)
- Debris removal
- Option of RC vs ACV Settlement
Exclusions
An exclusion in an insurance policy outlines what isn’t covered. Common exclusions in apartment building insurance include flood, mold, tenant-caused damage, neglect, pests, and normal wear and tear.
For a full list of MyRentalGuard Exclusions and Policy Forms, please see the link below
Why Choose Us?
Flexible Billing Options
Pay for coverage monthly or annually with no long-term commitments
Simple Claims Processing
Submit claims easily online, supported by dedicated claims staff
Easier Insurance Management
All properties on one monthly report adding and deleting properties as you go.