Tucson Landlord Insurance
Tucson landlord insurance is important for any Tucson, AZ landlord to have to protect their assets. Unlike general house insurance or property insurance, Tucson landlord insurance protects your rental from perils and incidents that can result in a loss of rental income. Most policies will protect your dwelling, any unattached items contained within the dwelling or on the property, help you with medical or legal fees you may find yourself having to pay, and make up for any lost income if your building is destroyed or damaged. Basically, Tucson landlord insurance is something you need if you plan to take your landlord business seriously.
Tucson Floods
The number of perils and incidents covered in your insurance policy varies by company and just how much coverage you decide to purchase. Some examples of basic situations include fire, motor vehicle impact, freezing pipes, fallen limbs and trees, electrical damage, and weather related problems. If you live in Tucson, Arizona, you probably don't have to worry about ice and snow but during July, August, and September, the flash floods that come along with monsoon season could be a problem.
Unfortunately, most, if not all, Tucson Landlord Insurance will probably not include flood damage. As a matter of fact, this is not just special to Tucson or Arizona. Many cities across the United States participate in FEMA's National Flood Insurance Program. If you fear flooding will be a problem for your rental, you may want to consider purchasing a separate policy for this purpose. Just make sure you talk to your agent and voice any concerns you have about flooding before signing anything. They may have separate ideas or more information about how to make that a part of your coverage.
What is Tucson Landlord Contents Insurance?
As an Arizona landlord, you may choose to furnish your dwelling or store items there. These items that are not a part of the actual building are called contents and are protected in your Tucson landlord insurance. Contents can include any number of things. As mentioned, if the home is furnished, that furniture qualifies. Any appliances provided for your tenants, such as refrigerators, stoves, washers, dryers, microwaves, and ovens may qualify as well. Light fixtures, carpets, rugs, curtains, blinds, and decor may be covered in this section of your Tucson landlord insurance, as will anything else you choose to keep at the home, such as a lawnmower, gardening tools, and any belongings you have in storage on the premises. Keep in mind that your tenants' belongings are not a part of your Tucson landlord insurance and they will be responsible for any applicable protection.
The contents section of most policies has certain limits on how much you can insure your belongings for. The dollar amount may be up to the company you are working with or up to your own discretion. If you do have very expensive things on the premises, such as antiques or high priced electronics, you may want to consider insuring them for more than a basic policy provides.
Getting the Best Rates
Being a landlord is usually something you do to earn money and it makes good business sense to want to get the best rates on your Tucson landlord insurance. Shopping around and looking at different insurance quotes is one of the best ways to do this. Knowing what kind of discounts companies might give you is another.
Many Arizona agencies will look at the safety and security of your home. As you know, it is your responsibility to prepare a safe place to live for your renters, but going the extra mile may save you a little money. Some agents will give you up to five percent off your premium if you take extra precautions by installing burglar alarms, dead bolts, extra locks, carbon monoxide detectors, and fire extinguishers, in addition to what is already required by AZ law.
There are countless other ways to get discounts on your Tucson landlord insurance. If you have not filed a claim in so many years, it shows you are less of a risk than other insured people in Tucson and that may help reduce costs. Also, having multiple policies with the same agency can warrant a reduction in price. Newer homes are considered less of a risk, as is a person with a good credit rating. If neither of those apply to you, you might can save by joining a landlord association or other professional affiliation. Companies see this as a responsible move to take your businesses seriously. Finally, screening your tenants is another way to prove you are less of a risk because you are not willing to let just anyone move in. This means checking criminal histories, performing background checks, and checking rental history references.
