California Rental Property Insurance

Because your investment is worth protecting…

Owning rental property in California can be a lucrative investment. Home values continue to rise, and many people would rather rent than buy. Whether you’re a full time property investor or you’re using it as a second source of income, becoming a landlord can secure your future and allow you more financial freedom.

Don’t leave your investment unprotected. You’re both an investor and a business person; you have to think like it. If the worst happens, and your rental is destroyed, the right California rental property insurance policy from IBW will help you rebuild and keep the income flowing. Your investment and your future are worth protecting.

California Rental Property Insurance Coverage

In California, the most basic rental property insurance policies cover the dwelling itself and your liability. More comprehensive policies, of course, offer better protection. Your rental property is an investment for the future, for your retirement, and for a better life—protect it from potential harm.

Like other forms of property insurance, certain perils are covered while others are not. Typical rental property coverage includes: fire, lightning, explosions, windstorm, hail, sudden and unexpected water leaks, and theft.

What isn’t automatically covered?

• Floods — Coverage is available as a separate policy.
• Earthquake and earth movement  — Coverage is available as a separate policy.
• Mold
• Infestation, including termites
• Neglect, lack of maintenance, and normal wear and tear

For these perils, you will either need a separate policy or you’ll need to take care of these problems yourself.

Types of California Rental Property Insurance Coverage

Liability: If you’re found legally responsible for an accident that causes property damage or bodily injury, you’re liable for the costs associated with that damage. You can be found liable for not properly maintaining your rental or failing to repair known problems. Your legal expenses, damages, and any judgements awarded in a lawsuit will be covered, up to your policy limits.

Property: The physical structure of the dwelling, as well as any unattached structures like sheds or carports, can be covered by rental property insurance. To cover unattached structures, you may need extra coverage added to your policy.

Personal Property:

With personal property coverage, any property belonging to you, that’s stored or used in the rental, will be covered. This includes tools, fixtures, appliances, and even furniture if you rent furnished properties.

Medical Payments: This coverage will take care of the medical expenses of someone other than the policyholder who is injured on the property.

Personal Injury Liability: This liability coverage is associated primarily with character defamation, such as invasion of privacy, slander, libel, false arrest, discrimination, and wrongful eviction. Tenants accuse landlords of bad behavior all the time. Make sure your insurance protects you. Note: Wrongful eviction and discrimination are not always included in this coverage.

Loss of Rents: If the damage to your rental property is so heavy that you lose rental income as a result, this coverage will replace that income, up to your policy limits, and for the length of time specified by your policy.

At IBW, we can help you find the right California rental property insurance policy for your investments. Let us help protect your future while you work hard to build it.