Landlords Policies are designed to provide property protection for Landlords who hold buildings or dwellings and rent them to others. Landlord policies are specifically designed for buildings that are NOT owner occupied. This is an important distinction. First Choice Insurance will help you navigate the different carriers who are best at insuring such risk. We will provide you the options available so you can decide what is best for your budget and needs. Do you prefer a DP1, DP2 or DP3? What is the difference? We will make sure you know the exact differences so you can decide what’s best for your real estate investment business. After all Investing in real estate that produces an income is a business and you want to make sure that you have proper protection.

Many people make the mistake and think a homeowner’s policy will continue to cover the home even though they, the property owner no longer reside in the home and are now renting it to others. This is simply incorrect. A building which is leased to others is a very different risk than a home in which the property owner resides. 

Unfortunately, many people learn this lesson the hard way…usually at the time of a claim submission. What occurs is the property owner files a claim and the insurance company now finds out the owner is not living there and rents the dwelling to others…This will usually result in a termination of the policy and very often a reduction or complete denial of coverage and payment for any damages. This now leaves the property owner in a very bad predicament. The property owner will be forced to find a company willing to ensure the dwelling with a recent filing of claim, something insurance companies do not like to undertake. Depending on the claim type and severity you may have a very difficult time finding a new carrier who is willing to insure the property or worse you may be unable to secure a new insurance policy. Give First Choice Insurance a call and let’s discuss your personal details and let us show you just how affordable the proper insurance can be.