Renting out your property isn’t an easy task, to say the least. Whether you’re a first-time landlord or a seasoned pro, there’s always a new set of challenges sitting at your doorstep, no matter how well you’ve mastered the ropes.
From battling high turnover rates and late rent payments to avoiding legal troubles and frequent evictions, landlords almost always have a lot on their plates. Taking out landlord insurance is one way to make your plate lighter. Also known as renters insurance, landlord insurance protects your building and the furnishings included within.
Here are some questions you should ask your insurance agency before signing up for landlord insurance:
1. What Does the Landlord Insurance Policy Cover and What Does It Exclude?
In many cases, prospective landlords get a good grasp on the inclusions of the landlord insurance policy but fail to request the exclusions. This can backfire in the long run and cause costly misunderstandings.
To avoid opening a similar Pandora’s box, make sure you know the ins and outs of both the inclusions and exclusions of the policy.
At Gilmartin Insurance Agency, we cover property damage inflicted by tenants, injuries sustained at the property, fires, natural disasters, liability issues, and more.
2. How Much Experience Do You Have?
Before taking out landlord insurance, make sure you ask the company for their experience. This is essential. Partnering with a reputable insurance agency with an impressive track record will help you avoid complications down the road. In addition, check for online reviews and testimonials to ensure you’re making an informed decision.
Not only do we have extensive experience in offering affordable landlord insurance with favorable terms, but we also have a designated Customer Care Center for enhanced convenience and ease.
3.How Can I Make a Claim?
Each insurance company has a different process for making a claim. Prior to taking out landlord insurance, make sure you request for an overview of the procedure. Take note of the documents required and time limits/frequency caps on claims, if any.
Our payment and claim process is extremely straightforward. Simply select the insurance carrier you’re partnering with and click on the “file a claim” tab. You’ll be redirected to their website where you can follow the instructions and proceed with your claim.
4. Will the Tenants Affect the Policy?
In some cases, your tenants can impact the landlord policy, especially if they’re considered high-risk. Check with your landlord insurance provider beforehand for clarity. We also suggest asking if particular groups of tenants are excluded from the policy.
The last thing you want is to sign the contract only to realize that the policy doesn’t cover your tenants. Communicate your requirements and circumstances to get a clear landlord insurance policy quote.
Looking for affordable landlord insurance with favorable policies and terms? We can help you get started. At Gilmartin Insurance Agency, we get quotes from over 10 different insurance companies to ensure you get the best possible rates, terms, and policies.
We also provide auto insurance and home insurance across Pennsylvania, including Scranton, Pittston, and Lehighton.