If you own a property that you rent to others, you have different insurance needs from a typical homeowner. Landlords of residences designed for one to four families are offered broad property and liability protection by an IMT Dwelling policy. IMT offers different coverage options allowing you, with assistance from your insurance agent, to select the type of coverage that is most appropriate for your needs.
The main item to be covered is the rental dwelling itself. Depending on your needs, you may opt for automatic replacement cost coverage for the rental dwelling and attached structures as long as they are insured for at least 80% of their replacement value.
Coverage for detached garages and other structures not attached to the dwelling is automatically included.
Many landlords furnish appliances such as refrigerators or washing machines within their rental dwellings. Some landlords furnish pieces of furniture or other items to make the dwelling livable for tenants. You may elect how much coverage you need for personal property furnished within your rental dwelling.
Except for our most basic dwelling policy, you are automatically provided with coverage for loss of rental income. If a fire or any other covered loss causes your rental property to be unlivable, we will pay your loss of rental income until the dwelling is rebuilt or repaired up to the limits of your policy.
As a landlord, one of the biggest risks you face is liability for injuries or property damage arising from your rental property. With an IMT dwelling policy, you may elect both liability coverage and medical payments coverage. Medical payments coverage will pay for medical costs if someone other than a member of your household or your tenant is injured at your rental property, even if the injury is not your fault.
We would encourage you to find out more about our IMT Dwelling program and obtain a free quote by contacting a local insurance agent today!