Do you own a home in Massachusetts that you rent out to tenants? If your home or property is not owner occupied, a homeowners insurance policy won’t cover you for losses caused by your tenant-you need Massachusetts rental property insurance, or a ‘dwelling fire policy’ as it is called. Even if you once occupied the home you owned, if you move and rent it out, or if you own a multifamily home and live in one unit while renting out others, you need to purchase rental property insurance to keep your assets safe.
The unfortunate reality of having tenants is that they often cause damages to your rental property, so having the right coverage can be the difference between having those damages covered or having to open up your checkbook to cover repair and replacement costs yourself. If your tenants were responsible for a fire that destroyed your property, your rental property insurance would help with the repair costs. Rental property insurance provides coverage for damages to your building, and can also help with loss of rental income when severe damages occur.
One particularly advantageous coverage area rental property insurance offers is loss of rental income coverage. If your property suffered losses that rendered it uninhabitable, and you didn’t have this coverage, the building would cease generating income for you until it was habitable again. With loss of rental income coverage, you would receive lost income for the time during which you are making repairs. This provides you with some peace of mind and financial stability while you make sure everything is repaired and back in working order.
Another valuable coverage option here is landlord liability insurance. In the case that one of your tenants, one of their guests, or someone else were to suffer an injury caused by something on your property, you could very well have a lawsuit on your hands. A tenant who falls through a rotted floorboard and breaks his or her leg might sue you not just for medical expenses, but also for lost wages from being unable to work, and you’d have to pay for necessary structural repairs as well. Landlord liability insurance covers these kinds of exposure areas, protecting you from excessive costs and legal liabilities.
The team at Sampson Insurance Agency has the professional experience and superb customer service necessary to help you find Massachusetts rental property insurance that meets your particular needs as a landlord. Give us a call today and get started on your free quote above!
If you own a property with more than 4 units, please contact Bruce Thompson, Vice President of Sampson Insurance Agency, Inc., at 781-927-7120 to discuss a commercial insurance policy that meets your rental property needs.