It is just two people with a business and they have 2-3 separate houses that the rent out to people in the town. I need a list of types of insurance that they would need. I believe all the have on it right now is homeowner’s insurance.

  1. 665 POINTS
    Dan Lyles
    agent, Lyles Insurance, Wheelersburg, Ohio
    homeowners don't work here because the owner is not occupying the dwelling. what you need here is called dwelling fire coverage for rental properties. there are basically two types of policies: a DF1 and DF3. if your properties qualify, DF3 policies are better. there are plenty of companies that will insure these properties unless the property has been vacant longer than 2 months. if that's the case, you will have to look a little harder. but you can get coverage for vacant properties as well.
    Answered on December 14, 2014
  2. David G. Pipes, CLU®, RICP®PRO
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    The objects that need to be insured are the houses that are being rented. These are best covered with dwelling fire policies which provides coverage for the structure and little else. As a landlord you should also carry liability coverage because the landlord is likely to be named in any lawsuit that has to do with the property. Additionally, the landlords should require that their tenants secure renters insurance and name them as “additional insureds.”
    Answered on February 6, 2015
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