Washington Landlord Insurance Quotes

Washington landlord insurance quotes are a way to find the best ways you can protect your rental property investment. While you may have a policy in place already, more than likely you do not have all the coverage you would like. In fact, you may also be paying more than needed for a policy that still has coverage gaps. Signing up for a policy just to have coverage doesn't make it the wisest choice, but it also is a fixable issue. Getting Washington landlord insurance quotes can be the first step towards changing all of that.

Washington Landlord Insurance Quotes for Your Peace of Mind

Using Seattle as an example, the most common claim for home and structural damage is actually wind. What people do not always take into consideration is what this actually covers or includes. Does your current landlord insurance protect your rental property investment against direct wind damage or wind damage to any structures on the property aside from the main building? This is, obviously, of great importance to know for Washington, whether your rental property is in Seattle or not.

The second most common claim in Seattle is theft and burglary. If your rental property is vacant, this is an even greater concern. Not only is your rental property more likely to be hit by theft or vandals if there is no one residing in it, but that also means a greater likelihood that the issue will not be discovered or reported in a relatively short time frame following the incident. You could incur costs linked to the theft or vandalism while also losing rental income.

Finally, water damage, as reported by certain insurance companies, is the third most common claim in the Seattle, Washington area. Actually though, it tends to be the most costly of the three per claim, as well. Water damage can be the result of rain, flooding or even melting snow or ice. Washington landlord insurance quotes help you determine which policies can help you best protect your rental property.

What Does Your Current Policy Include?

First of all, assume nothing when it comes to what you are 'certain' is included with your policy. Be it fire, flood or theft, you can't know unless you see it in writing in your policy. Even then, don't forget to read the small print to get the whole story. Does your policy, for example, help take care of your lost income during times of vacancy? Does it, in fact, even cover the home during times when there are not tenants to be caring for the home?

If you end up in a legal financial dispute with your renters, you can incur serious legal fees. A landlord should protect him or herself by having coverage that helps with legal fees. Not only that, you may want to consider a policy that covers your rent based income losses during times that renters are not paying or have you locked down in court.

As a matter of fact, it is important to know what your policy will provide you with in instances when renters withhold rent or cause damage. With damages, it can vary between policies based on whether the damage is accidental or malicious. Malicious damage is actually a completely different type of protection to insure against. Malicious damage occurs when a tenant purposely causes damage to a rental property. This is usually as a result of being evicted.

Theft and Vandalism in Washington Rental Properties

While certain parts of Washington state are more prone to be hit with theft and vandalism, it is a possibility anywhere. Of course, vacant dwellings are often targeted more than those with residents. Unfortunately, vandalism and theft can be a costly problem for owners of rental properties. Without the right kind of coverage, you could be financially responsible. 

Even if you have insurance protection against theft or vandalism, there is a chance you do not have contents insurance included in your policy. This type of coverage takes care of loss or damage to what is inside the home or on-site storage building in the event of theft, vandalism or other problems. You have to be certain you are covered for this type of problem because items such as furniture, appliances and carpeting end up being very costly. Your Washington landlord insurance quotes should help you see the value in having this type of protection as well.

The Final Word on Getting Your Quotes
There are so many reasons it is a good idea to make sure you have all the coverage you need and at a price you can afford. The way to gain access to this information is to fill out a quote form and then find out, from a database of more than 200 insurance companies, what your options are. By investing about two minutes of your time, you can find out if you are among the 95% who find they can save money on their policy, and have better coverage. Washington landlord insurance quotes can start helping you make wiser decisions about your rental investment property, today.

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