Tenant-occupied insurance is designed for landlords who own a property with the intent to rent it to other people but do not live in the building themselves. As you look for the right tenant-occupied insurance options for your tenant-occupied dwelling, you’ll have many choices. Learn more about this policy from Muller Insurance and find out why having the additional coverage could come in handy.
Typical Tenant-Occupied Insurance Coverage
Taking out a tenant-occupied insurance policy will give you wide coverage in a number of areas. These may include:
- Loss and damage to the building: This refers specifically to the structure of the building. Any weather events that cause damage or vandalism will be covered under this policy. You will be compensated for the repairs needed to restore your building to its normal condition.
- Injury liability: If someone hurts themselves on your property and files a suit against you, tenant-occupied insurance will offer protection to your financial assets. It will help cover legal fees and lost wages from time spent in court.
- Loss of rent: In the event that damage to your building makes it unlivable for your tenants, insurance will compensate you for the rent that you’d normally collect from them until you make the proper repairs.
What the Optional Add-On Covers
While the standard tenant-occupied insurance policy is fairly comprehensive, you will still have the option to add even more coverage. It provides coverage for items inside the individual units that you own. If your apartments are furnished, this can include appliances, fixtures, and furniture used by your tenants. These items will be used on a daily basis and can suffer from wear and tear. Protect your investment by including them in your insurance policy so you can submit a claim if something becomes damaged.
Keeping Tenants Satisfied
As a landlord of a property, your main responsibility is responding to the issues and concerns of your tenants. By solving any problems that arise in an efficient manner, you will generate trust and increase retention. Having the add-on for internal furnishings added to your insurance will help even more by allowing you to make repairs more quickly. When a fixture or appliance in one of the apartment breaks, you will be able to file a claim immediately and receive compensation to make the necessary repairs or get a replacement.
This will make the process much quicker and allow your tenants to get back to their normal lives, which usually depend on important appliances like a refrigerator or microwave. This level of customer service will end up providing you with plenty of value down the road.
Go the Extra Mile
Being the landlord of a building means you will often have to deal with unexpected challenges. By choosing the add-on option for your tenant-occupied insurance policy, you will be better prepared to handle what comes your way and respond accordingly. At Muller Insurance, we offer this option for our tenant-occupied insurance plans because we recognize this need for protection and want to put our clients in the best position to succeed. To learn more about your tenant-occupied insurance options and how we can help your business, contact us today.