You may have purchased your Rental Property as a source of income and equity. Now, you need to consider the options for protecting your property. Rental Property Insurance protects you and your personal property (your rental unit or home) so you don’t have to worry about it. We help you guard against uncertainty and damage, while protecting your investment.
Rental Property Insurance in Chicago, Homewood, Naperville IL
Protection You Can Trust
At Abe GT & Associates, Inc., we provide Rental Property Insurance to protect your rental property in Chicago, Downers Grove, Evanston, Homewood, Lansing, Merrillville, and surrounding areas. It's similar to homeowner’s insurance, but there are key differences that you should consider. We work with you to help you understand the type of coverage you need to cover possible financial losses and liability. Ultimately, we want to make sure that your rental property really is a good investment.
WHY RENTAL PROPERTY INSURANCE IS IMPORTANT
WHY YOU NEED RENTAL PROPERTY INSURANCE IN CHICAGO AND SURROUNDING AREAS
Being a landlord is different from being simply a homeowner. It’s not the same level of liability, and it may be more convoluted than you’d like to imagine. As the landlord, your level of coverage must go beyond the standard renter’s insurance or homeowner’s insurance. You may need to install flooring, fix or replace drywall, or provide light fixtures.
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You also need to consider the full scope of financial loss coverage:
- Property insurance covers any loss to the house, fence, secondary buildings, or other onsite equipment.
- General liability covers liability if someone is injured or there is damage related to your rental property.
- The business owners’ policy (BOP) offers additional protections from the loss of rental income due to damage to the rental property. (The tenant may not be able to live in the house due to water damage, etc.)
- Personal injury protection covers you in cases where the tenant claims wrongful entry, slander, or other culpability or negligence.
- Umbrella Coverage offers an extra level of liability to protect your rental property from damage or expense that’s not covered by other policy terms.
- Crime Insurance coverage offers a protection against theft or other crime-related loss.
The right Rental Property Insurance will cover you not only from the damage or financial loss that is related to the property, but also loss of rent, injuries, repair, or other unexpected costs that you must cover as a landlord. Rental Property Insurance protects your investment, but it also offers a layer of protection and assurance for your future.
WHY YOU NEED LANDLORD INSURANCE POLICY FOR PROPERTY PROTECTION
Typically the property protection in a landlord insurance policy helps cover physical damages related to the property you’re renting out. This may include the dwelling and maintenance equipment you keep on site. Coverage generally includes:
- Dwelling
Landlord insurance policy helps to pay for the repair of your rented home, condo or apartment if it is damaged by fire, lightning, wind, hail or other policy covered losses.
- Other Structures
This part of the landlord insurance policy helps to pay for the repair of detached structures on your rental property, such as fence or garage if they are damaged under a covered loss.
- Personal Property Used to Service the Rental
If you leave a lawnmower or snow blower on your rental property for maintenance purposes, landlord insurance may help cover this equipment if it’s damaged. However, if you leave your personal stuff like, bike or DVD player at the rented property, most likely it won’t be covered under your landlord policy.
WHY YOU NEED Abe GT & ASSOCIATES
At Abe GT & Associates, Inc., we offer the Rental Property Insurance options that you’ve been looking for. It’s not a one-size-fits-all scenario, but we work with you in our initial consultation to determine the level of coverage that will best meet your needs. Just take a look at what it is about your rental properties that sets you apart. How are you different? What specific considerations do we need to take into account? Your trusted agent will offer the hand-on support and recommendations you need through the entire process.
