Do landlords need to include rent guarantee coverage in their policy?
The need for rent guarantee coverage depends largely upon the landlord’s need for consistent rental income.
For landlords who rely on regular rental income to pay bills, whether loans, business expenses or personal bills, rent guarantee probably should be purchased. In fact, sometimes lenders require this coverage so they can trust they’ll be paid.
Landlords who are investing in residential real estate as a side hustle or long-term savings method might choose to forgo this one protection. In these situations, landlords might be able to survive short-term periods where rent isn’t received.
For help evaluating whether rent guarantee coverage should be purchased, landlords can consult an insurance agent who’s familiar with rental property policies.
Can multiple rental properties be covered by one insurance policy?
Multiple rental property insurance is designed for insuring more than one residential investment property. These policies can usually cover almost any number of rental properties within the state, and the policies are readily available.
Can mixed-use properties be covered by multiple rental property insurance?
Multiple rental property insurance mainly insures residential holdings. For mixed-use properties that integrate residential and commercial spaces, a broader insurance plan may be needed. They likely need both the coverages included in multiple rental property policies, and other coverages.
An insurance agent who knows multiple rental property insurance should be able to assist with finding a policy suitable for mixed-use investment properties, in addition to helping insure properties that are only residential.