Landlord Insurance

Protect Your Rental Property

Landlord insurance is important in protecting your rental dwelling against perils that could cause damage. It is similar to homeowner’s coverage, but slightly less comprehensive. As an added bonus, dwelling fire insurance can provide personal liability, or landlord liability coverage. With this insurance, any outbuildings, contents, liability and additional living expense or loss of rents can be covered in the unfortunate event of a loss. Kasmann Insurance Agency makes it easy to get the best coverage possible by finding the insurance that fits your unique needs.

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Do you own rental property? We may be able to help!

We can insure:

1-4 family homes
Up to 4-unit apartment buildings
Older homes, or homes that are not high in market value
Dwellings under construction
Vacant homes

Landlord Policy Coverage

What to do in Case of Loss

If any type of loss is sustained at your property, it is your duty to notify your insurance agent or company promptly.

Cost Factors for Landlord Insurance in Columbia, MO

Not all landlord insurance is exactly the same. Many factors determine the price of insurance, including:

Age of the dwelling
Construction type
Age of roof
Number of units

Coverage form and/or loss settlement (Basic, Broad, or Special)
Fire Protection Class
Loss History

What is NOT Covered

Earthquake or earth movement
Flood (surface water, water seepage)
Neglect
War
Nuclear hazard

Ordinance or law that is not covered elsewhere in the policy
Intentional losses
Wear, tear or deterioration
Other business ventures

Some excluded events can be covered with the purchase of additional endorsements or policies, contact your agent with any questions.

*For precise language regarding what is covered under your landlord policy, please read your specific policy form.

Coverage Forms

There are three different coverage forms available under landlord insurance: Basic, Broad, and Special. The coverage form determines what perils are insured against and how losses are settled.

Basic form perils: fire, lightning, explosion, smoke, windstorm, hail, riot, civil commotion, aircraft, vehicles, vandalism, sprinkler leakage, sinkhole collapse, and volcanic action. This coverage form provides “Actual Cash Value” settlement only, which means depreciation (age, wear, tear, and use) is deducted from the cost to repair or replace the damaged property. This is the only coverage form available for vacant property.

Broad form perils: all of the basic perils plus falling objects; weight of snow, ice, or sleet; water damage (in the form of leakage from appliances); and collapse from specified causes. Replacement cost coverage is available by endorsement.

Special form perils: provides what is referred to as all risk coverage, or coverage for loss from any cause except those that are specifically excluded. Losses under this type of policy form will pay the full replacement cost of the loss minus the building, or coverage, deductible.

Understanding your Landlord Declarations Page

Deductible

This is a specified amount that the insured must pay before the insurance company will pay a claim. It is simply deducted from the amount of the loss when a check is issued.

A. Dwelling – The rental dwelling, or apartment building, at the insured location. This coverage amount can either be determined by market value, or by completing a Replacement Cost Estimate.

B. Other Structures – Any structures not attached to the insured landlord(e.g. detached garages, storage sheds, pole barns, mailboxes, fences).

C. Personal Property – Personal belongings of the insured owner (typically for appliances). *Personal property of tenants is not covered.

D. Loss of Rents – Coverage for loss of rental income while the insured residence is uninhabitable due to an insured loss.

E. Personal or Landlord Liability – Provides coverage for any loss sustained to another person or their property where the insured is deemed negligent.

F. Medical Payments – For injuries sustained at the insured location by another party, where the insured had no fault or negligence.

Deductible

This is a specified amount that the insured must pay before the insurance company will pay a claim. It is simply deducted from the amount of the loss when a check is issued.

The Right Landlord Insurance Policy for You

Landlord insurance offers several policy forms that cover different perils and may have different loss settlement options. As a small independent agency, Kasmann Insurance is catered toward landlords with smaller property portfolios, as opposed to investors who own multiple, large apartment complexes.

Working with multiple carriers gives us the ability to compare multiple coverage packages and rates to choose the ones that work for each client. Give Kasmann Insurance Agency a call to find the best landlord insurance policy for you today!