Landlords have a lot on their plates. From qualifying and interviewing applicants to maintenance and security, being a landlord can be a tough job. In Montana, over 32 percent of residents are renters. If you're a landlord in the Treasure State, it's important to protect your rental properties to ensure your continued success and financial security as a landlord.
MT Rental Statistics
- In Montana, 32.95% of all housing is rentals. This is below the national average of 36.09%.
- The average rent in Montana is $680 per month.
- In 2012, 6.78% of rentals were vacant.
- Typically, 18.13% of gross income goes toward rent payments in Montana.
Renting property creates a host of concerns that typical homeowners don't share. From keeping the grounds tidy and hazard-free to ensuring a peaceful, secure space, many landlords struggle to keep everything under control. Whether you own one rental space or ten, it's important that your property be protected with landlord insurance. If an accident or incident occurs, you may be held liable - and even a slip-and-fall lawsuit has the potential to cause big financial troubles. But with landlord insurance in place, you can have peace of mind, knowing that whatever life throws your way, you're covered.
What Is Landlord Insurance?
Landlord insurance resembles homeowners insurance. Many landlords are also homeowners, so the following coverage types will probably be familiar. However, it's important to know the differences between a landlord policy and a renters policy. A typical landlord insurance policy in Montana can cover the following:
- Property insurance: This covers the property that belongs to the landlord. This includes the building, along with anything you own inside the rental, such as flooring and large appliances.
- Liability insurance: This can cover you in case someone files a lawsuit or claims that your action or inaction caused injury or damage. For example, if you were notified of a plumbing leak, and you neglected to fix it, and the leak resulted in damage to the tenant's belongings, you could be held liable for the value of those belongings.
A renters insurance policy is also advisable for most renters, and as a landlord, it's a wise idea to ask your renters to carry this insurance. A renters insurance policy can cover the tenant's property from damage or destruction stemming from fire, wind, rain, or other covered incidents.
Are Other Coverages Available for Landlords?
Some landlords may need coverage outside of the most typical types available. To get a wider array of coverage, ask about an insurance quote for the following:
- Loss of use: If your rental property sustains damage that must be repaired, this coverage can help you keep your finances straight while repairs are being made.
- Other non-covered incidents: Some insurance policies may not cover a natural disaster that's common in your area. If you're concerned about a non-covered incident, be sure to ask about additional coverage, such as flood insurance or earthquake insurance.
- Umbrella insurance: These policies are able to raise your liability limits on many insurance policies. They are typically available in $1 million increments.
What Will My Landlord Insurance Quote Look Like
A landlord insurance quotecan vary greatly depending on a number of factors, including the following:
- Location of rental
- Number of rental units
- If landlord allows smoking/pets
- Number of tenants
- If rental has pool/playground/fitness area
- History of claims
- Preferred coverages
- Preferred deductibles
These factors, plus many more, will be used in order to get you the most accurate insurance quote possible.
Are Discounts Available on Landlord Insurance?
Just like many other insurance policies, many discounts are typically available on landlord insurance policies. The discounts may include:
- Multi-policy discount
- New customer discount
- Loyal customer discount
- Industry/professional affiliation discount
- Paid-in-full discount
Each insurance company offers different discounts, so you may qualify for different discounts with different carriers. The best way to figure out which discounts you qualify for is to get a landlord insurance policy quote.
Getting Landlord Insurance Is Easy in Montana
Whether you're just deciding to purchase landlord insurance, or you're looking to switch carriers, Trusted Choice® can help. Trusted Choice agents are always available to assist you with finding coverage, modifying limits, or even filing a claim.