Homeowner insurance is one of the greatest values in the insurance industry. For a typically very reasonable cost, you can buy a policy that covers your home, personal belongings from nearly any type of loss (other than flood, earthquake a few other exclusions). In addition, the policy provides personal liability coverage that protects you from a wide range of tort claims, loss of use if you have to vacate the premises, and guest medical coverage for minor injuries that occur on the property
Dwelling Fire Policy vs. Homeowner Policy
However, homeowner insurance is not appropriate for an investment property or rental home. One of the important conditions in a homeowner policy is that the property be occupied by the owner. Obviously, this is an issue for a rental property since the occupant will be a non-owner tenant. Lease option or “rent-to-own” arrangements are also considered to be tenant occupancy until the actual sale has been completed. If you are a landlord in Las Vegas, Henderson or North Las Vegas, make sure you are purchasing the right type of insurance: a dwelling fire policy or rental property policy.
Dwelling fire policies do not contain a requirement for owner occupancy and they are much more customizable for needs of landlords. For example, the amount of contents coverage (e.g. appliances, window coverings, furnishings) can be adjusted to fit the needs of your rental. Loss of rents coverage can be increased to an appropriate level. In addition, the liability coverage that is found on a dwelling fire policy protects the landlord from the negligent actions of the tenants.
Nevada Landlord Insurance
At Safeguard Insurance, we specialize in providing quality Nevada landlord insurance at affordable prices. If you own rental property in Nevada, we are the insurance agency to call. Contact us today to see just how knowledgable we are and obtain a no-obligation proposal.