I own income property - What should I consider?

If you own a four-unit or smaller income property and you occupy at least one of the units, we will insure the dwelling under our homeowners policy. This will save money and provide higher personal property limits. If you do not reside in the income property you own, you'll need to make some decisions about insurance. And when you do, here are a few things you might consider...

Your Dwelling

How much would it cost to rebuild my dwelling at today's prices?
How can I make my dwelling safer and possibly save money?

Your Property

What would it cost to replace the contents (lawn mower, maintenance tools, etc,)?
Do I have an inventory and photographs of my personal possessions?

You and Your Tenants

What kind of protection do I have against liability claims?
Will my Tenants or their guests' medical expenses be covered if they're accidentally injured at this property?

Your Coverages

Should I get flood insurance?
How often should I reevaluate my coverages?
How much should my deductible be?
Do I need or have reimbursement for loss of income if my tenants can't occupy the dwelling due to a covered loss?
Should I require my tenants to have their own renters policy?

Make sure you understand your coverage options or have your agent explain them to you. Now is the time to review your coverages - not after a loss!