Rental Property Insurance
Rental property covered under personal insurance is habitational property owned by an individual, not a corporation, partnership or LLC, and rented to individuals. The structure may consist of up to four units and the owner may occupy one of the units in a multiunit structure.
Property exposures start with wiring, heating, and plumbing. The unit should comply with all governmental codes on smoke and fire detection, fire extinguishers, and carbon monoxide detectors. The age and condition of the building, the type of separation or firewalls that exist between units are important.
Premises liability exposure is limited but still exists. The landlord must provide a secure dwelling. Therefore, tracking keys is very important. All heating units and wiring must be up to code. Carpeting, steps and other potential trip/fall hazards should be minimized.