Renting out real estate is a great source of income, but it comes with its own risks. Whether you are renting a home long-term or giving it out for a few days, the right rental property insurance is a must-have. Without it, you can suffer huge financial losses due to damage to the property, legal issues, or even lost rental income.
If you own property in Savannah, finding the right rental property insurance quote is the first step toward the protection of your investment. But what should you consider when choosing an insurance policy? Here are some key things to consider.
1. Protection from Property Damage
Your rental home could be damaged by fire, storms, vandalism, or even careless tenants. In such circumstances, good rental property insurance should ideally restore the damaged parts of the property.
If you rent out your property on Airbnb or for short stays, a short-term rental insurance policy is important. Is needed. Regular homeowners’ insurance normally does not cover damages associated with rental, so make sure your policy includes coverage for your short-term guests.
2. Coverage for Injuries and Legal Claims
As a landlord, you could be held responsible if a tenant or visitor gets hurt on your property. Liability insurance pays for medical bills, legal expenses, and settlement amounts if someone sues you. In the absence of this type of protection, you may have to pay for these costs out of pocket.
Look for a policy that has strong liability protection, especially if your rental is in a busy area like Savannah, with lots of short-term rentals.
3. Protection for Lost Rental Income
If your rental property is damaged and requires repairs, you will not be able to rent it out during that particular period. A good rental property insurance policy should include loss of rental income coverage to replace the money you would have earned during that time.
For short term rental insurance, some policies also cover cancellations. This means if guests cancel due to emergencies at the last minute, you will not lose all of your expected income.
4. Coverage for Tenant-Related Damages
Not all tenants take good care of rental properties. Some damage may occur accidentally, while other damages are caused intentionally. Security deposits may help in covering a few small repairs, but many times such damages may need higher repair costs.
A solid rental property insurance policy should include tenant damage coverage to help with these costs.
5. Protection Against Natural Disasters
Savannah is known for hurricanes, flooding, and strong storms, so you need to be prepared. Not all rental property insurance includes flood or hurricane damage coverages, so check if you need extra coverage.
If you’re getting a rental property insurance quote in Savannah, ask about flood and windstorm insurance to ensure your property’s full protection.
6. Custom Insurance for Short-Term or Long-Term Rentals
Short or long-term rentals have different risks, so they need different types of coverage.
Short-term rental insurance should include the following:
- Protection if a guest gets injured
- Coverage for short-term property damage
- Cancellation coverage to avoid loss of income
- Extra coverage since short-term guests change frequently
Long-term rental insurance should focus on the following:
- Protection against damages caused by tenants
- Legal coverage for problems regarding eviction
- Extended coverage for loss of rental income
Make sure your insurance policy is designed for the type of rental you own.
7. Affordable Rates and Good Deals
Insurance prices vary, so it’s smart to compare rental property insurance quote options before making a decision. Look for discounts if your property has security systems, you bundle multiple insurance policies, or you have a good history with no claims.
Get the Best Rental Property Insurance with Savannah Insurance Advisors
Finding the right rental property insurance doesn’t have to be complicated. At Savannah Insurance Advisors, we help property owners in Savannah choose appropriate coverage at affordable prices.
Get a personalized rental property insurance quote in Savannah, GA, now with Savannah Insurance Advisors, and confidently protect your investment.