Lindsey Fekete joins me today to answer your questions about renters insurance and landlord insurance so you can be prepared.
Ms. Lindsey Fekete from Farmers Insurance joins me today to answer your questions about landlord and renter policies.
What is the difference between a homeowners policy and landlord policy? A homeowners policy is for the actual homeowner who lives there. It covers the building and all of their personal property inside of that building as well as the people who live there.
A landlord policy covers the building itself. If you were able to take the roof off of the building and turn it upside down, whatever stays is the landlord’s responsibility.
Do landlords have the option of covering the tenant’s belongings, or do they have to have a landlord policy? Unless they are living there, they have to have a landlord policy. They can help renters get a rental policy, but they can’t hold their own renter’s policy.
What does a renters policy cover? This covers personal belongings that they brought to the property. If they choose the option, it can also cover guests’ medical costs if something happens on the property.
We require our tenants to carry $100,000 in liability coverage—is this a common thing or do most of them cover liability as well? We do include different levels liability coverage as an option for our renters insurance.
From the landlord’s perspective, is having the landlord policy enough if they own rental properties or should they have another business policy as well? This depends on if they want to pay now or later. If they want to pay now to have the coverage and have their insurance company cover them, it is a great idea for business owners to have an insurance policy as well as an umbrella policy to cover any excess liability.
Will the home being owned by a corporate owner change the price of the policy? It does change the type of policy. We do have a lot of options with Farmers Insurance. We can do a landlord as a corporate entity owner with our product Foremost. Not all agencies can write a policy for an LLC.
If you have any further questions about insurance for renters and landlords, you can reach out to Lindsey at (206) 714-8497 or by email at firstname.lastname@example.org. If you have any real estate questions, please don’t hesitate to ask. I look forward to speaking with you soon.