Contact us

916-750-2489

Send us an email!

Contact details:

Message:

Your message has been sent successfully. Close this notice.

Travel insurance Quote

Level of protection: $

Contact details:

Travel

Your Quote Form has been sent successfully. Close this notice.

Car insurance Quote

Contact details:

Your car:

Your Quote Form has been sent successfully. Close this notice.

Life insurance Quote

Level of protection: $

Contact details:

Have you used tobacco or nicotine products in the last 12 months?

Yes, I have No, I have not
Your Quote Form has been sent successfully. Close this notice.

House insurance Quote

Your house:

Contact details:

Your Quote Form has been sent successfully. Close this notice.

Get A Quote

Full Name

Email Address

Phone Number

Your Quote Form has been sent successfully. Close this notice.
3 weeks ago · by · 0 comments

What’s the Difference Between a Homeowners and Landlord Insurance Policy?

There are many different types of policies in the world of California property insurance.  Homeowners, renters, condos and landlord. You may have heard of a landlord policy being referred to as a dwelling fire policy.

At Inspire Insurance Services in Roseville, CA we have clients come to us confused as to what type of insurance they need.  No problems there, insurance IS confusing.

Renters insurance is fairly self explanatory.  You are renting an apartment or home from someone who has a mortgage on the property.  What you are in need of is coverage for your personal items inside of the apartment, home, or condo that you are renting.

Condos have different requirements than a typical homeowners policy.  These condo policies are written in a way to fit those specific needs.

Homeowners and landlord policies create confusion for many people.  Which one is right for the property you own?

This is determined by who occupies the home.

Do you occupy the home that you own?  A homeowners policy is what’s needed for owner occupied home.

But lets say you have a tenant in one of the homes you own.  A landlord policy is designed for tenant-occupied homes.

For the sake of clarity, even if you are not charging the tenant rent, you still need a landlords policy if you do not live in the home.

 

Aside from occupancy, a homeowners and landlord policy differ in coverage options too.

 

  • Coverage A- Dwelling
  •  Coverage B- Detached Structures (your tool shed, the detached garage)
  •  Coverage C- Personal Property (your stuff that isn’t part of the house.  I tell clients this is anything that would fall out that if you picked up the house and shook it upside down.  All your stuff that is not part of the home. By the way, we don’t recommend trying to pick up your house. Bad idea)
  •  Coverage D- Additional Living Expense (pays for expenses should you have to move out due to a covered loss- hotels, apartment, meals out, laundromat, etc.)
  •  Coverage E- Personal Liability
  •  Coverage F- Medical Payments to Others

 

A landlord policy includes:

  •  Coverage A- Dwelling
  •  Coverage B- Detached Structures (your tool shed, detached garage). Depending on the company, this coverage may not be automatic, but instead added on.
  •  Coverage D- Loss of Rental Value (similar to Coverage D above, except this pays for rent you can’t collect because your tenant has had to move out due to covered loss- house fire is a great example).
  •  Coverage E- Personal Liability
  •  Coverage F- Medical Payments to Others

 

So what’s the difference?  No Coverage C for Personal Property in a landlord policy.  Why? As a landlord it is not your responsibility to insure a tenant’s personal property.  That is what a renter’s policy is for.

With that said, its a good idea for landlords to insure items that they furnish for the rental property: stoves, refrigerators, washer and dryer.  You can add Personal Property to insure those items.

Its always best to get an insurance broker to hear your specific needs.  From there they can give you an idea of how best to protect yourself. If you own or rent a home in the state of California, give us a call at (916) 750-2489.

Comments

Not found any comments yet.

Leave a reply

Your email address will not be published, and your website url is not required.

Take care of your child

Insurances for
your child's future

Curabitur iaculis ante a nibh vulputate sollicitudin.

Company Information

Inspire Insurance Services, LLC
Matthew Labb (Founder, Owner)
License #0N08062

Contact details

Location:
Roseville, CA
E-mail address:
matthew@inspireinsuranceservices.com
Phone number:
916-750-2489

916-750-2489

Available 8:00am - 6:00pm