It seems a lot of people are becoming landlords these days. Either they’re watching too much HGTV and getting the income property itch or like myself and many bought a house in the peak of the market and opposed to selling, decided to rent it out.

If you’re a landlord, or becoming one, do you have the right insurance coverage?

AS A LANDLORD YOU NEED A LANDLORD POLICY on your property and not a traditional homeowners policy. A homeowners policy covers you the homeowner living in the property. I have heard of an instant where a home was burned down and when the insurance company discovered the owners did not live there but tenants did, they did not cover the loss.

Landlord polices are great. When my Mesa house was destroyed in September 2009, my Farmers Insurance agent, Rick or Jason Tyler (480-892-2300) was there to help me understand the ins and outs of my Landlord Policy. This policy not only covered rebuilding, it covered the loss of rent while being rebuilt so I could continue to pay the mortgage. It also covered items that needed to be brought up to code. Even though it cost more than a homeowners policy, it is well worth the investment.

Remember me for all of your Arizona residential real estate needs, 520.282.1417.