Video: What Is Rental Insurance?

What Is Rental Insurance?

Rental insurance is typically purchased by the landlord of a rented property. Find out about rental insurance with help from a fee-based insurance and risk management consultant in this free video clip.

Video Transcript

Hi, this is Dan Weedin. I'm a nationally-recognized insurance expert, and today we are going to talk about rental insurance. I want to attack this from two areas. Number one is from the landlord, the person who has the rental property. And then number two is from the person who is renting it from them. From the landlord's perspective you do not want to buy a home owner's insurance policy for your rental. That's more coverage then what you need and you pay more then you have to. There is a policy out there called a dwelling fire policy. Or sometimes just a fire policy. Your insurance agent will know what that is. And what it does is it gives you complete coverage for the building that you're renting out, the home that you are renting out. Gives you complete coverage for that home and also for anything that you have inside that's yours. For instance maybe appliances. Maybe some other structures. Anything that is yours that you financially have an interest in that dwelling fire will cover. I would then highly recommend that you tell your renters to buy their own renter's insurance policy. That's number two. Because you are not going to cover their contents, that's theirs. You don't have an insurable interest in that. Renters you want your, you want your good, all of your good stuff covered so you need to go buy renter's insurance to protect that. And the renter's insurance isn't going to cover anything more then just yours. So rental insurance works this way; if you are a landlord you need to buy dwelling fire policy that is going to cover the building and all of your structures and any contents like appliances that you have inside. It's going to be less expensive then a home owner's policy. It's also going to protect you with liability by the way. Renter's insurance for renters you want to insure your contents and your personal liability. So there's two ways to look at that. This is Dan Weedin. Today we talked about rental insurance. Thanks for watching.

What Is Rental Insurance?

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