state farm renters insurance You may not live there, but the rental property you own is a big investment. So, just like you protect your own home with insurance coverage, you want to do the same for your rental. A State Farm® Rental Dwelling policy can help pay for property damage, injury and liability claims made against you, even loss of rental income if your property is damaged by a covered loss.
What is a rental dwelling policy
The State Farm Rental Dwelling policy helps cover accidental, direct physical loss to your rental dwelling and your personal property located there, based upon the coverage provided by your policy.
This policy may help with the following coverages
Renters insurance
Consider renters insurance a type of security blanket for your security blanket. We help protect the things you own and love with reliable coverage and competitive rates. From TVs and bicycles to laptops and even your favorite down comforter.
Dwelling coverage: To help pay for covered repairs or reconstruction of the dwelling and other structures on the same property.
Personal property coverage: To help pay for covered losses to specific property located at your rental dwelling. This includes furniture and other personal property rented with or used to maintain the property.
Loss of rents coverage: To help reimburse you for loss of fair rental value if your rental dwelling is damaged by an insured loss that causes the property to be uninhabitable.
Liability coverage: To help protect yourself financially against costly covered liability lawsuits.
What’s not covered in a rental dwelling policy?
While State Farm Rental Insurance provides broad coverage, it does not provide coverage for every loss. Examples of losses not insured include, but are not limited to:
Damage caused by continuous or repeated seepage or leakage of water or steam
Water damage caused by flood or underground water
Earth movement including earthquake and landslide
Damage caused by settling, deterioration, contamination or nuclear hazard
Damage caused by birds, rodents, insects or domestic animals
Discounts for a rental dwellin
Home alert discounts
You may qualify for insurance discounts if you install fire, smoke, or burglar alarms or other home monitoring system.
Wildfire mitigation discounts
In California, policyholders who take proactive steps to protect their home from wildfires may be eligible for one or more wildfire mitigation discounts. Discounts may be available at a Community Level for policies located within designated communities. Or, for those policies meeting specific qualification criteria, discounts may be available at a Property Level. Check with your State Farm agent to learn more about wildfire mitigation discounts.
Coverages included in the rental dwelling policy
Inflation coverage
This coverage automatically increases the amount of insurance on the dwelling and personal property as inflation increases the cost of replacing your property. The changes are based on the movement of an inflation index and are reflected in the premium on each renewal.
Replacement cost dwelling coverage
Helps pay for the cost to repair or replace the dwelling up to a specified limit.
Frequently asked questions about a rental dwelling policy
There are eight million do-it-yourself landlords in the United States. Most of them understand the importance of having insurance. Owning a rental property without the proper insurance is risky and could lead to significant financial losses.
The biggest challenge these landlords face is knowing what policy they need to protect their rental properties.
To help, State Farm and Rentalutions co-hosted a thirty-minute webinar to explain the insurance needs of independent landlords. Property owners from across the country joined the webinar live, and even more have watched the recording.
In the webinar, State Farm and Rentalutions discussed the following topics:
How rental property insurance is different from homeowner’s insurance
How insurance benefits rental property owners
What is and is not covered by rental property policies
The importance of renters insurance for tenants
Questions submitted by participants
State Farm P&C Underwriting Consultant Sherry Parker, CPCU, CLU, explained the four components of a rental owner’s policy; dwelling coverage, personal property coverage, loss of rents coverage, and liability coverage. These coverage’s are unique to a rental owner’s policy and are generally different from what’s included in a homeowner’s policy.
Landlords can buy additional coverage to cover damage from floods and earthquakes. Some landlords may also benefit from an overarching umbrella policy.
There are different policies for different types of rental properties. The different policies cover single family homes, duplexes, condo units, and apartment buildings.
This webinar is part of ongoing efforts by State Farm and Rentalutions to help landlords manage their small business. Both companies recognize the benefits of educating customers and finding the best product for each customer’s situation.
Ryan Coon, co-founder and CEO of Rentalutions said, “Our goal is making renting easy for landlords and their tenants. One aspect of being a great landlord is having the right insurance coverage. State Farm is the largest property insurer in the country, and has been a great resource in helping educate our landlords on their insurance needs.”
To learn more about the different insurance needs of landlords, read the Rentalutions Guide to Landlord’s Insurance or contact a State Farm agent.
Finally, if you are a landlord who isn’t using Rentalutions, you can save time by managing your properties online. Create an account now for free, and get access to special discounted pricing courtesy of State Farm.
Renters insurance coverage
Your furniture is in place. Your utilities are hooked up, and your rental unit is starting to look like a home. But renters insurance should be an important part of that to-do list. It may be more important, accessible and competitively priced than you think when it comes to coverage for your stuff
What does renters insurance cover?
In short, renters insurance helps cover what you own and for what you’re liable. Most landlords’ insurance covers only the building and damages due to negligence. A renters insurance policy can help you with:
Property coverages
Personal property
Helps cover your personal possessions not permanently attached to your home if they are damaged or stolen.
Loss of use
Helps cover additional living expenses if you need to vacate your home because a covered loss left it uninhabitable.
Additional coverages
May provide payment for arson reward, collapse, credit or bank card forgery, debris removal, fire department service charge, locks and remote devices, power interruption, property removed, refrigerated products, temporary repairs, trees, shrubs and landscaping, and volcanic action.
Liability coverages
Personal liability
Helps provide protection if someone makes a claim or brings suit against you for bodily injury or property damage caused by a covered occurrence. This includes:
Damage to property rented to you caused by fire, smoke, explosion or abrupt and accidental damage from water
If you’re found legally responsible for property damage or injury to another person or their property
Up to $500, in excess of the security deposit, if your household pets cause damage to property rented to you
In addition to these settlement costs for damages which you’re legally liable, this coverage may help pay defense costs and court costs. State Farm will not provide a defense for criminal prosecution or proceedings. Be sure to select liability limits high enough to protect your assets.
Medical payments to others
Helps cover injuries to others that might occur on your property. Also known as guest-medical payments, it helps provide limited coverage if a third party is accidentally injured and needs medical treatment.
Additional coverages
Helps cover payment for damage to the property of others caused by you, your claim expenses, and first-aid expenses to
The State Farm and Rentalutions webinar covered the following topics:
The Difference Between Rental Property Insurance and Home Insurance
The Benefits of Insurance for Landlords
What Does Rental Property Insurance Cover, and What Doesn’t?
The Importance of Renters Insurance for Renters
Audience Questions
Sherry Parker, CPCU, CLU, Property and Liability Insurance Consultant at State Farm, explained the four components of rental property insurance: contents insurance, renters insurance, tenant damage insurance, and liability insurance. These coverages are specific to rental property insurance and are generally different from the benefits of home insurance.
Landlords can purchase additional coverage for flood and earthquake damage. Additional liability insurance may also be beneficial for some landlords. Different coverages are available for different types of rental properties. These policies apply to single-family homes, semi-detached homes, multi-family homes, and condominiums.
This webinar is part of State Farm and Rentalutions’ ongoing work to help landlords manage their small businesses. Both companies recognize the benefits of educating customers and finding the optimal product for each individual.
Ryan Coon, Co-Founder and CEO of Rentalutions, explains, “Our goal is to make renting as easy as possible for both landlords and tenants. A critical aspect of being a landlord is having the right insurance coverage. State Farm is the largest building insurance company in the United States and actively supports our landlords in understanding their insurance needs.”
Read Rentalution’s guide to landlord insurance or contact a State Farm representative to learn more about the different insurance needs landlords may have.
Not yet using Rentalutions as a landlord? Save time by managing your property online. Create a free account now and take advantage of exclusive discounts from State Farm.
Renters Insurance: Your furniture is in place, the connections are installed, and your rental apartment is starting to feel like home. But renters insurance should definitely be on your to-do list. It’s more important, easier, and cheaper than you might think when it comes to protecting your belongings. What does home insurance cover?
In short: Home insurance covers your belongings and your liability. Most landlord insurance only covers buildings and damage caused by negligence. Home insurance can help you with the following:
Property Damage
Home Insurance
It covers your personal belongings that are not permanently attached to your home in the event of damage or theft.
Loss of Use Insurance
It covers additional living expenses if you have to leave your home due to an insured loss.
Supplemental Insurance
This may cover arson, building collapse, credit or debit card fraud, trash removal, fire department costs, locks and remotes, power outages, removal of items, refrigeration, temporary repairs, tree, shrub and garden maintenance, and volcanic activity.
Liability Insurance
Personal Liability Insurance
This protects you if someone files a claim or lawsuit against you for personal injury or property damage caused by an insured event. This includes:
Damage to your rental property caused by fire, smoke, explosion, or sudden water damage.
If you are held liable for property damage or injury to other people or their property.
Up to $500 in addition to your security deposit if your pets damage your rental property.
In addition to these compensation costs for damages for which you are held liable, this insurance may also cover the costs of defense and legal proceedings. State Farm does not offer defense in criminal cases or court proceedings. Choose a level of liability insurance that is sufficient to protect your property.
Third Party Medical Insurance
This insurance covers damages to third parties that occur on your property. Also known as guest medical insurance, this coverage provides limited protection if a third party is accidentally injured and requires medical treatment.
Additional Coverage
This coverage covers payment for damages to other people’s property caused by you, your costs of settling claims, and the costs of first aid that you incur. Click hare….