Investment Property Owner Insurance in Rochester, NY

Investment property ownership can be rewarding, but it comes with its own risks and responsibilities. One crucial aspect of managing these risks is having the right insurance coverage.

What Is Investment Property Owner Insurance?

Investment property owner insurance may not be available from many agencies and carriers as a named product. Rather, this term may refer to a combination or assortment of coverages with ideal selections depending on how you use your property and your intentions for it.

For example, if you plan to purchase a home or multiunit residential property and rent it out to tenants, landlord insurance (also known as rental property insurance) may be the right choice. Alternatively, if you plan to allow a home to remain vacant, you may require specialized homeowners insurance, as standard policies are typically intended for policyholders who reside within the insured premises.

Regardless of the exact circumstances of your situation, you should work with a qualified insurance professional, such as those at Paris-Kirwan Associates. The right guidance can help ensure you and your investment properties are financially protected from relevant perils, such as fires, theft and natural disasters, as well as potential liabilities, such as those involving tenants’ losses.

Do I Need Investment Property Owner Insurance?

Specialized investment property owner insurance is highly recommended if you own a rental property. Standard homeowners insurance policies do not typically cover rental activities, leaving you vulnerable to significant financial losses. Additionally, if your rental becomes temporarily uninhabitable, the right coverage may help you recoup lost income. Furthermore, specialized insurance may be necessary if you plan to allow a property to remain unoccupied.

How Much Is Investment Property Owner Insurance?

The cost of investment property owner insurance can vary based on several factors, including the following:

• Structural specifications (e.g., age, number of floors and materials used)
• Location
• Occupancy details (e.g., number of tenants)
• Claims history
• Deductible
• Policy limits

Learn More

At Paris-Kirwan Associates, we’re well-equipped with the knowledge and experience to help property owners financially protect their investments. Contact us today for help with analyzing your situation and identifying suitable coverage options.