Whether you own a multi-story apartment complex in Phoenix or you simply rent out your second home in Flagstaff, you have specific liabilities and risks as a landlord. If you are new to the rental property scene or you are looking for a new insurance provider, the importance of securing a comprehensive landlord insurance policy in Arizona cannot be overstated. Before you search for landlord insurance quotes, however, there are several factors to keep in mind.
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Landlord insurance provides coverage for property owners who rent out one or more residential homes, apartments, condos, mobile homes or commercial property. As a landlord, you need protection from financial loss that may result from damage to a rental property due to fire, break-in, severe weather and more. You can also find landlord insurance that covers the loss of income in the event that your rental units become uninhabitable due to circumstances beyond your control.
Although AZ law does not mandate that you carry landlord insurance, It is required in some circumstances.
If you are still paying a mortgage or loan for a rental property, your lender may require that you carry insurance on it. Some landlords who lease their single-family dwelling to tenants rely on their homeowners insurance policy to cover their losses. However, most insurance companies will deny a claim if you did not notify them that the property was rented. In order to fully protect your income and assets, it's important to find a landlord insurance policy that meets your needs and will cover you in the event of renter damage, vandalism or severe weather events.
As a landlord or property manager, you are responsible for any damage caused to the structure of your property or any injury sustained by delivery personnel or guests in your property.
Should a tenant's guest slip and fall on your staircase, you could be subject to a high dollar lawsuit. Only a landlord insurance policy can help pay for your court costs and legal defense.
One severe weather event, such as a flash floods or fires that Arizona frequently experiences, could render your apartment unit or rental home uninhabitable. Not only does a good landlord insurance policy help you repair or rebuild after such events, but it can also help cover your loss of revenue while your tenants are not paying rent.
Most Arizona insurance providers will give you several options from which to choose as you build your landlord insurance policy, including the following:
Your landlord insurance policy does not cover the personal property your renters keep within your rental property. You may wish to advise your tenants to carry renters insurance as part of their lease agreement to cover their belongings in the event of a fire, severe weather, theft or vandalism.
Most Arizona insurance providers take several factors into consideration when they calculate landlord insurance quotes.
Be sure to have the following information ready when you look for quotes:
You may get discounts on your landlord insurance quotes for the following reasons:
You may see quotes as low as $500 per year for a small rental unit or several thousands of dollars per year for a larger complex with a swimming pool. If you rent out a single-family home, you may pay about 25 percent more for landlord insurance than you pay for homeowners insurance.
The last thing you want to worry about as a severe weather event strikes your rental property is whether your insurance will cover the losses. Knowledgeable, independent insurance agents in the Trusted Choice® network are always available to answer your questions, suggest coverage options best suited for your rental property and even assist you in filing a claim.
Contact a Trusted Choice agent near you to find out how to properly protect your rental unit and your revenue with a landlord insurance policy that meets your needs and budget.