D Rental Property Insurance
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Rental Dwelling Insurance Information
What is Rental Dwelling Insurance?
Simply put, Rental Dwelling Insurance is a policy for landlords. Many people refer to this policy as a Landlord Policy. The owner of the home (insured) purchases the Rental Dwelling Insurance to protect themselves and the property.
Typically this policy is used for a single family house, a townhouse or rowhouse.
If the property has a master insurance policy and is set up as a co-op, you should look into Condo Insurance or a HO6 policy. Or, if you are renting you should look into the Renters Insurance or a HO4 policy.
What does a Rental Dwelling Insurance policy include?
The DP3 (Dwelling Property Form 3) is perhaps the most commonly used policy form for insuring rental properties. It covers the dwelling on a "open perils" basis, which basically means it covers a loss unless it is excluded in the policy or endorsements. The DP3 policy is similar to the HO3 in some aspects, but it is designed for the owner of the property that is rented out.
· Coverage A – Dwelling. The dwelling or building coverage includes the main structure and most of what is attached to it or in it.
· Coverage B – Other Structures. This could apply to in ground pools, sheds, fences, and the sort.
· Coverage C – Personal Property. Sometimes called contents, this is for your personal belongings such as clothing, furniture, and dishes.
· Coverage D – Loss of Rents. This is meant to help the insured recover the loss rent while home is being repaired due to a covered claim.
· Coverage E – Liability. This is not always included, but can often be added with limits up to 1 million.
· Coverage F – Medical. This is not always included, but can often be added with a limit of 1000, 5000, or other limits.
Keep in mind, not all carriers use the DP3 policy form and they can differ depending on the year of the form used or endorsements added to policies. As always, you should work with an experienced and local agent; and read your full policy.
In addition to a rental dwelling or landlord policy, you may want to consider purchasing other coverages such as; umbrella or excess liability, flood, or earthquake. Davis Insurance Associates is here to serve Myrtle Beach and South Carolina, count on us to understand your risks and help you protect them. Let our local and experienced staff help you with your Rental Dwelling Insurance in Myrtle Beach!
Insurance Information Institute - Coverage for Renting Out Your Home