The best referral any insurance agency can ask for is its track record.
Laizer Schonbrun, insurance agent par excellence, works for one of the fastest growing agencies in the United States. He relates the following success story in regard to a tenant occupied account.
“I really felt bad for the owner of a tenant occupied home. He called us on a whim and complained about how his bank had forced a specific insurance policy on him. Not only did the coverage seem inappropriate, but the associated premium was very high.
“As always, I was there to help anyway I could. I got to work scouting my agency’s network of underwriters and in less than a day, I found more coverage that was more apropos at an extremely competitive quote which I bound. Thereafter, I forwarded the new insurance information on to the bank.
“In my day to day experience, this was just another insurance success! For the new client, it was a day that spelled relief and a mega dose of thanks to me and my team!”
The following info about tenant occupied dwellings is but a brief summary.
Nonetheless, it serves to inform the public in a significant way.
Tenant-Occupied Homes and the Corresponding Insurance Options
If you own a primary residence home that you rent out sporadically for short amount of periods, an independent agency may be able to sift through the underwriters it deals with to find a temporary rental policy. If not, you will need a related rider attached to your current home insurance.
If you want to continuously rent your primary residence for a short amount of time to different renters, you probably will need a business policy, like that provided to hotels, motels.
On the other hand, if you own a vacation home or an investment property that you want to rent out for long terms a landlord’s policy is mandatory.
This type of policy includes the following forms of coverage:
• Physical damage coverage
• Personal property coverage (for appliances left for the renter’s use)
• Liability coverage
Loss of rental coverage is something a landlord can opt for as well. This protects you in the event your renter leaves and no replacement renter is found. It also shields you from the financial loss when you cannot rent out your property due to repair work or necessary rebuilding as a result of damages that are covered under your policy.
For more on tenant-occupied dwelling insurance, speak to a professional independent agency with a reputation that tells you the customer is the focus of operation.