Idaho is the fastest-growing economy in the nation and has been for the last decade. Most of Idaho's residents are transplants from other states looking to get away from the fast-paced life often found in big cities. For many of those transplants, renting a home or an apartment is a logical step before buying a home. If you’re a landlord, you need to ensure that your rental property has protection against disasters, accidents, theft or vandalism that could leave you in a financial bind. Read below to find out how to get quotes and landlord insurance to cover your rental property.
Idaho Rental Statistics
- More than 15% of the housing available in ID is in rentals.
- Rental housing is 50% more likely to be the target of thieves.
- The most popular types of rentals in ID are 3- and 4-unit properties.
Whether you've owned property for decades or you're just a beginner, you need landlord insurance to protect your investment. While not required by law, it makes sense to have your property covered against incidents such as accidental property damage or an injury like a slip and fall that can happen on your property.
What Is Landlord Insurance in Idaho?
Landlord insurance is a set of insurance policies designed to protect landlords against a myriad of risks. Every landlord's situation is different, so there are many different types of coverage available, as follows:
- Property damage: This insurance covers your rental buildings from damage stemming from a fire, storm damage, theft, vandalism or tenant damage. This coverage is available in different amounts, but you should cover the entire property value in case of a total loss.
- Liability insurance: In today's litigious society, protecting yourself from lawsuits and liability is crucial. A simple slip and fall on your property could spell financial disaster. Whether it's a tenant, visitor, trespasser or employee, if a person sustains injuries on your property, you could be liable. If medical expenses arise, you could also find yourself paying for medical expenses, therapy or judgments stemming from a lawsuit. You could also be liable for neglecting to fix your property. If a leak occurs and damages a tenant's property due to negligence on your part, you could be responsible to replace the damaged property. With liability insurance, you will have coverage against liability claims and lawsuits. This can also cover costs associated with bodily injury and medical payments.
- Loss of income: If your rental property becomes uninhabitable due to a storm, accident or other incidents, this coverage provides income during the repair period.
What Other Coverages Are Available in Idaho?
There are many different types of landlord insurance policies available in Idaho. In addition to the ones mentioned above, there are other coverages available, such as these:
- Other non-covered incidents: Every policy has exclusions. If you're looking for additional coverage for events like a flood, earthquake or terrorism, this coverage may help you.
- Umbrella insurance: Umbrella policies, available in $1 million increments, increase your liability limits. If your current liability policy has a $100,000 liability limit and you purchase a $1 million umbrella insurance policy, your new liability limit is $1.1 million. Umbrella insurance is typically very affordable and can come in handy in case of disaster.
What Factors Affect Landlord Insurance Quotes in Idaho?
Multiple factors determine landlord insurance prices. When deciding to protect your Idaho property, it's important to know basic facts. Be prepared to answer questions such as the following:
- Location of rental
- Number of units
- Number of tenants
- Size of Structure
- Any known risks
- Whether you allow smokers
- Whether the property has a pool
- Whether the property has gated access
- Whether the property has security systems
- Whether electrical/plumbing is up to code
All these factors plus more will go into giving you accurate landlord insurance quotes. These factors are important so that your agent can give you quotes that will fully protect you no matter what happens.
Are There Discounts Available on Landlord Insurance Policies in Idaho?
When searching for landlord insurance policies, be sure to ask about any available discounts, such as the following:
- Multi-policy discount
- New customer discount
- Loyal customer discount
- Security system discount
- Safety measure discounts
- Upgrade discounts for renovations
- Group discounts
Always be sure to ask your agent about any discounts you may not be aware of or discounts that you weren't previously eligible for.
How Do You Get Landlord Insurance in Idaho?
Being a landlord is a tough job. Having landlord insurance to protect you should be easy. When shopping for landlord insurance, having a professional by your side to ensure that you're getting the best coverage is crucial. An independent insurance agent is always available to answer questions, suggest coverages and discounts, and even help you file a claim.
Contact your local agent for quotes and more information on the right coverage for your rental properties.