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Understanding Landlord Insurance
Landlord insurance in Mercer Island, Seattle, Bellevue, Tacoma, Everett and all of Washington.
Landlord insurance in Washington is a requirement. Fortunately, you can get a better deal for this policy than you’d be offered via your homeowners’ insurance. Of course, the best landlord insurance still only covers your belongings, so your tenant will have to get their own renters’ policy as well.
The good news is that you’ll both be able to cover the property without going into debt. In fact, some have talked about the positive differences when comparing plans. No matter which rate you choose, make sure that you work with a company that has the room to negotiate.
How to Get Cheap Landlord Insurance
There aren’t as many deals available as there are for other unit types. However, Washington rental property insurance does come with a few built-in discounts.
1. Bundling Discounts
Like any other type of homeowners or renter’s property, you can get a discount if you buy everything for your properties through one owner. Therefore, when it comes to owning more than one property, keep everything under one provider to get the best possible deal.
2. Safety Discounts
Installing burglar alarms or security cameras brings your insurance down, but you can get a discount for doing even less than this. All you have to do is show that you’re committed to helping the property. For instance, you could keep a mower on the property, and most providers will give you at least a small break.
3. Military Discounts
You may also qualify for military discounts if you’re an active service member or a veteran. Be sure to ask about this discount early on, so that you’ll know if you eligible for it.
Compare Washington Landlord Insurance
The difference in price per policy can be found in many areas, but perhaps none are more important than the three primary protections.
- Property Damage – This coverage takes care of you if your house is met with a fire, natural disaster, vandalism, electronic/gas malfunction, irresponsible tenants or earthquake. Whenever possible, go with a replacement cost rather than the actual cash value.
- Liability Protection – This coverage takes care of the legal and medical costs that a visitor or tenant may apply for if the property is damaged. This includes everything from out of control bees to an icy walkway.
- Lost Rental Income – Whether the property is temporarily uninhabitable due to a sinkhole, termites or serious mold, this coverage helps you temporarily make up the money.
Extra Conditions: Rental Dwelling Insurance
There are several additional conditions that your insurance coverage may pay for. Before you can get this benefit, you must pay for at least one of the following extra conditions.
- Emergency Coverage – This coverage may pay for some or all of the costs associated with emergency repairs, including being locked out of the house or having a leaking dishwasher.
- Guaranteed Income Insurance – Unfortunately, anything is possible when you’re renting an apartment. Even someone who has been stably employed for 15 years could lose their job at any time. The good news is that having this rental home insurance can cover you for some, or all, of a month.
- Flood Insurance – If your current renters plan doesn’t have flood insurance, what are you going to do when flooding takes away everything that was stored on the bottom level? Rather than chance it, we recommend getting flood insurance to cover your costs.
- Additional Construction Expenses – After a building has been damaged, it will have to be brought up to the current code. So, if your landlord home insurance doesn’t already cover these items and the house is quite old, you’ll need to add this insurance policy.
How Much is Landlord Insurance?
The amount of Washington rental home insurance is going to vary greatly depending on several areas. First, you’ll need to consider where you live. Even if you have the worst property in all of Detroit, you’re going to need to pay much more for it. On the other hand, if you live in Ann Arbor or in an area like the Upper Peninsula, you’re going to receive a discount.
Because there are so many things that can vary the price, it’s safer to look at your investment property insurance as being approximately 15 percent more than renters insurance.
Collect Your Quotes: Landlord Insurance Washington
The best way to gather quotes from a large group of insurance agents is to do so at the same time. This is very easy when you work through a large independent agency. The first thing you’ll do is call or email the company that works with several different agencies, followed by letting them know what you have in mind. However, don’t give too much, as you may not even recognize the company you work with. The bottom line here is that you want to be comfortable with the rate you’re offered, but you also want to feel like you’re getting the best deal in Washington.
Now that you have an idea narrowed down to the best few options, it’s time to start looking even deeper. For example, is one place $20 less per year but also much newer? This is an example of the type of things you’ll want to be aware of before you make a decision. A good insurance agent can also help you learn what other things to watch out for.
Rental Property Insurance in Washington
Another issue that may come up from time to time is getting Michigan vacant property insurance. Don’t let this make you select poor-quality coverage. In most cases, the overall property rate will be the same. Therefore, unless your home is going to purposefully sit empty for a long period of time, you should expect to pay the same amount when it’s vacant as when it’s full.
Landlord House Insurance
You need to have landlord insurance cost unless you’re willing to lose everything based on a single incident. The fact is that even one insurance claim could cover you for life. Although we doubt that everyone will need to have these claims available, the odds are high that you’re going to make at least one payment through your insurance. Therefore, it’s time to stop looking for a reason not to and simply go ahead and insure your house.
When you do it through our local landlord company, you’ll get the chance to hear about several companies that are near you. We want to ensure that all your needs are met, so we’ll never stop asking questions until we’ve got everything covered.
Rental Property Insurance Quote
Are you currently discussing what options you would like for your policy? Call or email our office for a landlord insurance quote. This will be much faster than your typical call, as we’ll retrieve your prices and get back to you very quickly. You’ll find the best landlord insurance, and you’ll get the best price available!
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As an independent insurance agency we have access to multiple top-rated insurance companies. Our team will take the time to compare rates to find you the best deal!