Rental property insurance provides affordable coverage for smaller rental properties, usually guarding against both liability and property perils. Working with a rental property insurance wholesaler can help agencies gain clients who have rental properties that need insuring, and likely need other insurance policies too.
Rental property insurance policies offer custom protections for single-family homes and other rental properties. Coverage needs can vary, so it’s important for agencies to work with a rental property insurance wholesaler that has multiple options.
Individuals, partnerships and businesses with smaller residential properties may need rental property insurance. This mainly insures properties with 1-4 units, such as single-family homes, townhomes, condominiums, duplexes, triplexes and fourplexes.
By offering rental property insurance, agencies can reach individuals who have sizeable assets that need protecting. Landlords frequently need multiple coverages for their rental properties, and they tend to have above-average personal coverage news. Some have other businesses to insure as well.
Policies covering residential income properties with 5+ units are normally termed apartment building policies or something similar These are generally distinct from policies insuring single-family homes and smaller multi-units.
Rental property policies normally help protect both properties and landlords. Some coverages that clients often want include:
Ultimately, each landlord will have their own needs for insurance coverage. Working with an insurance wholesaler that has flexible rental property policy options allows agencies to offer highly customizable policy options.
The landlords that have rental properties frequently have several additional insurance needs. Agencies might also interest these clients in:
Since many individual landlords are fairly affluent, they sometimes also need vacation home insurance, boat insurance, RV insurance, ATV insurance or similar policies. Agencies should be prepared to help landlords with these, as individual landlords frequently want to work with a single insurance agency.
The premiums charged for rental property policies vary, but they renew since most landlords don’t sell their rentals too often. Additionally, many landlords have multiple rentals and/or intent to acquire more. These factors may lead to notable and sustained commissions.