Insurance for Tenant-Occupied Dwellings in New Jersey
Rental properties can be a great investment for professional and first-time landlords alike. However, sometimes the unexpected can occur, whether through natural disasters, damage caused by tenants or accidents and injuries. Because of this, it’s essential to protect your investment with a tenant-occupied dwelling insurance policy. To learn more about this type of policy and determine appropriate levels of coverage, contact Muller Insurance.
Understanding Tenant-Occupied Insurance
Tenant-occupied insurance is also known as landlord’s insurance, and it’s designed for individuals who own a residential property, but do not live on the premises. Instead, the property’s units are occupied by renters, or tenants. This applies to single-family homes that you’re not currently using, as well as multi-family rental properties.
For your convenience, Muller Insurance offers tenant-occupied dwelling insurance for 1- to 4-family homes. We also sell policies for other types of residential situations, which you can take advantage of if you ever decide to move into the home or leave it vacant.
Landlord insurance offers fairly comprehensive coverage. First, it protects against loss and damage to the building as a whole. If someone vandalizes the home or a hailstorm damages the roof, you’ll be compensated. This helps you take care of any necessary repairs and keep the home in good condition for tenants.
Second, it covers liability. It’s possible for someone to slip and fall down while on the property and take action against you. If this happens, you’ll have the insurance to help protect you and your financial assets.
Third, it covers loss of rent. When the loss or damage to the home is so severe that the conditions are no longer livable, you’ll be compensated for lost income until you can address the repairs.
Finally, an optional add-on for tenant-occupied insurance offers coverage for any contents inside of the home that you own. Most renters will provide some basic appliances, fixtures and even furniture for their tenants to use. In case something happens to any of these items, you can submit a claim for reimbursement.
You can’t predict when, or if, a natural disaster or theft will happen. But a good multi-family insurance policy can provide some peace of mind and help make life as a landlord a little easier. Talk to the insurance experts at Muller Insurance for more information about this policy and what it covers. Request a free quote online, send us a message or give us a call at 201-659-2403 to get the process started.