Independent landlords, sometimes called “mom and pop” landlords by industry experts, own about 74% of rental properties in the United States, of which there are 22.5 million in total. These contain 48.5 individual units, of which independent landlords own about 47%. Landlord insurance is important for all independent landlords to have – let’s dive into the basics.
Is Homeowners Insurance Sufficient?
Put simply, no! Although you’re a homeowner, most all policies offer absolutely zero coverage whenever you rent your property out to tenants. The only situation in which homeowners insurance might be valuable to you is if you live on the same property that one or more of your tenants does. Still, you’ll need landlord insurance in Rancho Cucamonga CA to cover their living spaces.
What Structures Do You Need Covered?
Many properties are outfitted with both a home and a garage, if not more structures. To save money, unless your garage is highly valuable, only seek out landlord insurance that covers the home itself. This is a great saving strategy.
Try to Secure Long-Term Renters
Generally, landlord insurance policies are more affordable when your tenants stay there for longer periods of time. High volumes of short-term renters, often defined as those staying less than 12 consecutive months, beef up your landlord insurance policy’s cost.
We’ll Cover Your Properties Well
Our team at Barranca Insurance Services, Inc., is equipped to provide you with low-cost, high-quality, reliable landlord insurance Rancho Cucamonga CA – learn more at
