Rental Property Insurance in Frederick Maryland
If you own a rental property in Maryland, you may believe that your standard homeowner policy will provide the coverages you need. Although these policies are similar, rental properties require specialized coverage to insure that your investment is fully protected. At Balderson Insurance, we can help you find the right rental property insurance to fit your needs. As an independent insurance broker, we work with several of the top carriers in the state to find you the best policy at the most affordable price. If you are looking for rental property insurance in Frederick Maryland, contact us today at (301) 874-0772 for information and a free quote.
What is covered in a Rental Property Insurance Policy?
A rental property policy, also known as a landlord’s policy, provides many of the same coverages you would find with homeowner’s insurance along with additional protection to fully insure your property. Depending on the insurer and the specific policy, these may include:
- Dwelling: This covers the main building and any attached structures such as garages or decks up to the limits of the policy.
- Other Structures: If you have detached garages, sheds and other structures that are not attached to your main rental property dwelling, this portion of the policy covers these structures (up to the policy limits).
- Liability: This provides coverage for lawsuits resulting from your tenant or any guests for damages or losses related to your property.
- Medical Expenses: This covers reasonable medical costs for persons injured in accidents on your rental property.
- Vandalism and Theft: Many insurers offer this add-on to protect you for repairs and/or replacements if covered items are stolen and/or damage is done to your property.
- Rental Income: If your rental property becomes uninhabitable due to a covered loss, this portion of the policy pays you rental income (for up to one year with most insurers) while your property is being repaired or renovated.
- Building Codes: Particularly on older buildings, there may be certain areas that need to be brought up to code during a covered repair. This add-on, optional with many insurers, can help cover the cost to meet all required building codes while the property is repaired.
It should be noted that most rental property insurance policies do not offer coverage for personal property since this property would belong (mostly) to the tenants. However, additional riders may be available to cover certain items on the property that you own; such as lawnmowers, gardening tools, interior furnishings, etc.
As with a homeowner policy, determining the amount of coverage needed for the dwelling should be based on estimated rebuilding/replacement cost rather than market value. We can help you determine what it would cost to rebuild your dwelling based on current material costs, construction costs and other relevant factors.
If you have a rental property in Maryland, make sure you have the proper coverages to protect this important investment. Speak with us today and let us find you the right rental property insurance based on your specific needs and budget.