Standard homeowners insurance policy may not cover short term rental damage

standard homeowners insurance broken window vandalism

Property owners taking part in short term rental programs are often unaware of their lack of coverage. Property owners considering using their homes as a source of income may want to review their standard homeowners insurance policy before getting started. Many don’t realize that renting out their homes through services such as Airbnb and Kid & Coe stops their coverage as long as the renters are there. The reason is that a typical home insurance policy is meant to cover the homeowners as residents and their guests. This has become…

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Landlord insurance recommended to help protect investments in the UK

Landlord Insurance

Property owners who are renting out have been advised to make sure they have coverage against floods. Experts in the landlord insurance sector of the industry are reminding the owners of rented properties in the United Kingdom about the importance of protecting their investment, particularly against perils such as flooding, which have become an increasing problem over the last few years. They are reminding these owners that a policy could make the difference between the life and death of their investments. Flooding is already becoming a growing issue in the…

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State Farm Florida looks to raise rates on rental property policies

Florida Homeowners Insurance

Insurer confronted with criticism concerning rate increase proposal State Farm Florida Insurance is looking to raise rates on rental property premiums throughout the state, a fact that has been criticized by some Florida officials and consumer advocates. The rate increase would affect approximately 33,000 policies throughout Florida, including apartment buildings and homes that are rented out by landlords. State officials and consumers advocates are questioning the rationale behind the proposed rate increase because State Farm no longer writes new business in the state and has not done so for some…

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North Carolina Insurance Commissioner announces lower rates for rental properties

North Carolina property owners got some good news this past week as Insurance Commissioner Wayne Goodwin announced that rates on some properties would drop by an average of 7.3%. The Commissioner also rejected a rate increase proposal from the North Carolina Rate Bureau, which would have raised rates on dwelling extended coverage by 36%. The lower rates will take effect on January 12, 2012, and will affect some 400,000 policies throughout the state. The lower rates will not apply to a homeowner’s primary residence, however, as the rates are meant…

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Property maintenance neglect by landlords revealed in insurance claims

Simply Business, the biggest business and landlord insurance broker in the United Kingdom, has released data that showed that landlords’ tightening budgets are starting to affect their ability to maintain their properties, and that the number of insurance claims made for avoidable issues such as burst pipes, leaks, damage do to frost, and problems relating to wear and tear have risen by 5 percent since 2008. This information was drawn from the claims made by more than 3,500 private landlords and indicated that the largest cause of claims is water…

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