Rental Property Insurance in Worthington, OH & Delaware, OH
Renting out residential properties can be a profitable and enjoyable business venture. However, entrusting someone else with your house, apartment or other residence can involve significant risks. Regardless of your experience as a landlord and how you plan to approach renting out your property, appropriate insurance should be a top priority.
What Is Rental Property Insurance? 
As its name suggests, this type of coverage can be an essential form of financial protection for landlords, rental companies and residential property owners. Rental property insurance can be tailored to cover many different types of dwellings, including large apartment buildings, duplexes and single-family houses.
What Coverage Do I Need?
Rental property insurance policies may offer multifaceted and versatile financial security, potentially helping you recoup losses and damages arising from many common incidents and scenarios faced by landlords. Specifically, you may want to ensure your policy includes the following aspects:
- Buildings coverage can help pay for repair or rebuild costs if structural elements of your properties are damaged. This may include roofs, walls, floors, and plumbing and electrical systems, including those inside tenants’ units.
- Landlord possessions coverage may financially protect personal property you leave in units or otherwise on the premises, such as furniture you provide in units or common areas and maintenance equipment (e.g., lawnmowers and snowblowers).
- Liability coverage can help pay for other parties’ losses for which you’re at fault, such as if a tenant or guest is injured due to poor property maintenance.
- Lost income coverage may help compensate you for reduced revenue if a covered peril renders a rental temporarily uninhabitable.
What About Short-term Rentals?
In recent years, Airbnb, Vrbo and other short-term rental platforms have added a new element to rental property insurance needs. If you plan to rent out an apartment, house or other dwelling in short-term arrangements, you’ll often need specialized coverage. Still, many aspects of short-term rental insurance policies resemble those within their long-term counterparts, including liability coverage and financial protection should guests or other parties steal or damage your property. You should also be aware that while Airbnb and Vrbo may offer coverage for hosts, exclusions and limitations may make you want to secure your own coverage.
We’re Here to Help
Contact the Ankrom Agency today to learn more about rental property coverage and find the right insurance policy.