Most people understand property insurance by comparing it to the policy they have for their home, which offers broader more comprehensive coverage. However, a rental policy does not qualify as a true homeowners policy. For a rental property, we will direct you to a more appropriate policy for your needs, with two specific options. The insurance terms for rental property coverage are DP-1 and DP-3. DP stands for Dwelling Property, a class of coverage for different types of housing insurance. DP-3 offers the more comprehensive coverage for rental and seasonal occupancy classes , and is similar to a standard homeowners policy. A DP-1 policy is less comprehensive, and is lower in cost. Please call our office for more information about which policy is right for you.
Other rental property insurance options include mobile homes, apartment complexes, and condominium complexes. Real estate investors with ten or more properties can simplify their insurance by combining all of the property into a single policy, with one renewal date and one payment schedule. Learn how to insure multiple rental properties. If your rental property is a residence you live in part-time and rent out for short periods, the better program for you is seasonal home insurance.
For all your questions about Nashville rental property insurance, give Johnston & Associates Insurance a call at 615-915-1521. We’ll sit down, review your options, then quote you with our numerous competing companies. And of course, give you the best rate of them all.