Insurance for Rental Property Owners

Ormond Beach, Daytona Beach, and Palm Coast, Florida

Rental property insurance is of serious importance to property owners, to protect themselves and their investment when renting living space to other parties. Personal rental property coverage applies to habitational property owned by an individual and rented to another individual. This type of insurance applies to structures with up to four separate units with the option of the owner occupying one of the units.

Property exposures start with electrical wiring, climate control systems, and plumbing. It is understood that any rental unit must be up to code in regards to smoke and fire detectors, fire extinguishers, and carbon monoxide detectors. Personal property exposure depends on whether there are items supplied by the landlord such as furnishings or appliances in the rental unit. There is less risk associated with less personal property given over to tenants.

Premises liability exposure is limited but exists as such:

  • The landlord must provide a secure dwelling. Tracking keys is very important.
  • Heating, air conditioning, and electrical must be up to code.
  • Trip/fall hazards should be minimized, including sidewalk and driveway defects.
  • Landlord's service to tenants' needs should be documented.
  • Rules for tenants should be clear and maintained.
  • Stated procedure should be in place to prevent discrimination claims against landlord.
  • Lead paint exposure could be an issue if the dwelling was built before 1980.

Contact Mitchell Noel for more information about personal rental property insurance coverage.

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Contact Mitchell Noel

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