California is a great place to live. With warm weather and beautiful ocean, the Golden State holds a special place in the hearts of visitors and residents alike. From colorful, eccentric San Francisco to the densly forested north coast and the star-studded cities in southern California, there's something for everyone in CA.
While the state is a wonderful place to call home, property and house prices are exorbitant, leading many residents to opt to rent. California has a very low vacancy rate, meaning that it's a great place to be a landlord. However, a landlord's life is tough. From keeping the grounds tidy to general maintenance, being a landlord is much more than just a 9-5 job. With so much to consider, it's no wonder that some landlords neglect to carry insurance. This oversight, however, may end up costing them large sums of money in repairs or judgments. Having a landlord insurance policy can help avoid a wide range of expenses resulting from unforseen losses.
With such high home prices, many residents choose to rent. In fact, the percentage of renters in California is higher than any other state in the nation, and in 2012 the percentage of rentals was the highest in history.
Landlord insurance is a set of policies offered together in order to give landlords protection against the most common incidents that impact rental property and its owner. A typical landlord insurance policy in CA may include the following:
Other coverages are available. An insurance agent can get you details on the coverages that will work best for your individual situation.
A landlord insurance policy quote is typically affordable,but there is no exact average. When you decide to start shopping for landlord insurance, make sure to be ready to answer questions about the following:
These questions, plus many more, will need to be answered before giving you a quote in order to make sure the policy you're getting is as accurate as possible.
Landlord insurance typically covers what's known as "everything to the studs." This means that everything structural, up to the inside walls, is covered. Landlord insurance does not cover the tenant's personal belongings or liability. Tenants are not required to have this insurance, but it's a wise idea when screening tenants to ask if they will have renters insurance during the term of the rental agreement.
Just like many other insurance policies, a number of discounts are available on landlord insurance. While shopping for quotes, be sure to ask about the following:
Each insurance company offers different discounts, so be sure to ask about any discounts you may not be aware of before purchasing.
Landlord insurance is crucial to keeping your assets protected. A Trusted Choice® agent is always available to answer questions, suggest coverages and policy modifications, or even help you file a claim. Trusted Choice agents are committed to getting you the best coverage at the right price.