1-4 Unit Residential-Rental Coverage

Typical-coverage summary:

Coverage and feature availability depends upon the state, the owner(s), the particular property or properties, and other factors too numerous to list here.

The following typical-coverage summary is for 1-4 unit residential-rental coverage.

Available in the following states:

  1. AZ – Arizona
  2. CA – California
  3. CO – Colorado
  4. ID – Idaho [currently unavailable; undergoing a program update]
  5. NM – New Mexico
  6. NV – Nevada
  7. OR – Oregon
  8. UT – Utah
  9. WA – Washington
  10. WY – Wyoming
  • Features described can vary by state and jurisdiction, carrier, property type, owner, and other particulars
  • All features subject to change without notice
  • All locations subject to inspection
  • The following are summaries only — refer to the actual policies for complete details, conditions, and limitations

Special Form:

(explanation: Special versus Named Peril)

  1. Property
    • 80 years old or newer
    • In above-average to excellent condition
    • The roof is 21 years old or newer
  2. Comprehensive protection
    • Contrary to "Named peril" coverage summarized below, all causes of loss are accepted unless expressly excluded by the policy.
  3. Replacement-Cost settlement
    • Uses the replacement cost rather than cash value (Actual cash value or agreed value modified functional replacement cost settlement in some states)
  4. Reasonable-Repairs expense
    • If your income property is damaged by a covered loss and you need to make temporary repairs to guard against further damage, the policy will reimburse you for the cost of those repairs.
  5. Other Structures
    • Structures such as garages and sheds automatically receive coverage up to 10 percent of the dwelling limit.
  6. Loss of Rent (fair rental-value)
    • If a tenant must move out due to a covered loss, the policy will reimburse you for the lost rental-income.
  7. Debris Removal
  8. Fire-Department charge

The following are not available with Option B below:

  1. Collapse
  2. Water and Mold
  3. Improvements/Alterations
  4. Trees, Shrubs, Plants, and Lawns
  5. Glass/Safety-Glazing material

Available with Option B below but at an additional cost:

  1. Vandalism & Malicious Mischief
    • Provides protection from damage caused by malicious intent.

The following are optional:

  1. Landlord's Personal Property on-site
    • We recommend you suggest Renter's Insurance to your tenants. Our intention is to put up information and a Renter's Insurance Request-for-Quotation form here on the PropertyPak website. Once that's up, we'll appreciate any additional business you send our way while you help your tenants do the wise thing by having Renter's Insurance.
  2. Personal/Premises Liability
    • If you don't have Personal/Premises Liability coverage for income properties (check the specifics of your homeowner's policy, for instance, if you have one), it can be added via a policy endorsement. Accidents happen. In this day and age, it's more important than ever to be protected when they do. Because you could be held legally responsible for bodily injury or property damage that occurs on the insured property, you may want to add this optional coverage to the policy protection.
  3. Burglary
  4. Occasional rental of a "Seasonal" property
    • With this endorsement, a "Seasonal" property can be rented out for a short rental (even under 3 months).
  5. Additional Living Expenses
    • Handy coverage for owner-occupieds. If the property becomes unlivable due to a covered loss, the policy will reimburse your
      higher-than-normal costs incurred for meals, lodging, and more.
  6. Mechanical/Electrical Breakdown (optional in some states)

(Note: Coverages, options or discounts may not be available on all policies or in all states.)

Named-Peril Basic Form:

  1. Property
    • No age restriction
    • Fair or better condition
  2. Named-Peril protection
    • Causes of loss are accepted if expressly included by the policy.
      • Lightning
      • Internal Explosion
      • Fire
      • Hail
      • Windstorm
      • Smoke
      • Vehicles
      • Tornado
  3. Actual Cash-Value settlement (Full repair-cost is an option in most states.)
  4. Reasonable-Repairs expense
    • If your income property is damaged by a covered loss and you need to make temporary repairs to guard against further damage, the policy will reimburse you for the cost of those repairs.
  5. Other Structures
    • Structures such as garages and sheds automatically receive coverage up to 10 percent of the dwelling limit.
  6. Loss of Rent (fair rental-value)
    • If a tenant must move out due to a covered loss, the policy will reimburse you for the lost rental-income.
  7. Debris Removal
  8. Fire-Department charge

The following are optional:

  1. Landlord's Personal Property on-site
    • We recommend you suggest Renter's Insurance to your tenants. Our intention is to put up information and a Renter's Insurance Request-for-Quotation form here on the PropertyPak website. Once that's up, we'll appreciate any additional business you send our way while you help your tenants do the wise thing by having Renter's Insurance.
  2. Personal/Premises Liability
    • If you don't have Personal/Premises Liability coverage for income properties (check the specifics of your homeowner's policy, for instance, if you have one), it can be added via a policy endorsement. Accidents happen. In this day and age, it's more important than ever to be protected when they do. Because you could be held legally responsible for bodily injury or property damage that occurs on the insured property, you may want to add this optional coverage to the policy protection.
  3. Burglary (optional)
  4. Occasional rental of a "Seasonal" property
    • With this endorsement, a "Seasonal" property can be rented out for a short rental (even under 3 months).
  5. Vandalism & Malicious Mischief
    • Provides protection from damage caused by malicious intent.
  6. Additional Living Expenses
    • Handy coverage for owner-occupieds. If the property becomes unlivable due to a covered loss, the policy will reimburse your
      higher-than-normal costs incurred for meals, lodging, and more.
  7. Mechanical/Electrical Breakdown (optional in some states)

(Note: Coverages, options or discounts may not be available on all policies or in all states.)

Subscribe