Rental Property Insurance

The policy used for owners of rental properties is often known as "Dwelling Fire" (DP-3 for houses and DP-3C for condos) although it actually covers several perils beyond fires. It is important to note that dwelling policies are generally not as broad as a full homeowners policy. The "a la carte" nature of dwelling polices, however, means coverages can be customized for owners of rental properties.

Unlike other options, coverage for personal property and certain losses must be specifically added to the dwelling policy. Discuss your needs with a qualified agent to determine if a dwelling policy is right for you.

Coverages (DP-3 and DP-3C Dwelling)

• Dwelling (Coverage A) - This is coverage for the costs to repair damages to the rental property. Examples are damages to flooring, wall and ceiling coverings, and fixtures such as cabinets, lighting, counter tops and built-in appliances contained within the home.
• Other Structures (Coverage B) - This is coverage for the costs to repair damage to the additional structures on your property other than the home. (Coverage B is for DP-3 and not DP-3C.)
• Personal Property (Coverage C) - This is coverage for your personal belongings located at the residence premises. Coverage is not provided for your tenant’s personal belongings under this coverage.
• Fair Rental Value (Coverage D) - This is coverage for loss of rents to you should the dwelling you rent to others become uninhabitable, or unfit for its normal use, due to a covered loss.
• Premises Liability Insurance (Coverage L) - This coverage provides protection if someone were to file a lawsuit against you, claiming bodily injury or damaged property in connection with the insured location. Liability can protect you in situations that may be unforeseen in addition to covering certain defense costs—even if the lawsuit filed against you is false, groundless or fraudulent.
• Medical Payments (Coverage M) - Your policy provides for medical payments to others (not living at the residence) if they are injured on the insured location.

• Coverage A - $75,000 ($100,000 minimum Coverage A in coastal counties) to $1,000,000
• Coverage B - 1% to 20% of Coverage A for the owner
• Coverage C - $0 to $250,000
• Coverage D - Fair Rental Value or Additional Living Expense 10% of Coverage A
• Coverage L/M - (Premises Liability / Medical Pay) $100,000/$1,000 or $300,000/$5,000

• Coverage A - $25,000 to $150,000
• Coverage B - N/A
• Coverage C - $25,000 - $200,000 depending on occupancy
• Coverage D - Fair Rental Value or Additional Living Expense 10% of Coverage A
• Coverage L/M - (Premises Liability/ Medical Pay) - $100,000/$1,000 or $300,000/$5,000

Deductibles

The deductible you choose on your policy is the amount you are responsible for paying prior to receiving payment for a covered loss. The higher your deductible, the lower your policy premium will be.

• All perils except Hurricane: $500, $1,000, $2,500, $5,000
• Hurricane:  $500, 2%, 5%, 10%

Discounts & Savings

• Monitored Alarms
• Opening Protection: for more information on Windstorm Loss Mitigation, click here.
• Senior Discount (55 and over, owner-occupied only)
• New Construction
• Hip roof

Additional Coverages

Below are just a few options you can include with your policy:

• Personal Property Replacement (owner-occupied only)
• Theft of Personal Property
• Hurricane-screened Enclosure and Carport Coverage
• Permitted Incidental Occupancy (owner-occupied only)

Make sure you have proper insurance. Speak to an agent near you.

This information is presented to help communicate coverage options. It is not an offer of coverage. If you are interested in protecting your property with Security First, please contact an agent.