Rental Property Fire Insurance
Rental property fire insurance covers the dwelling and all personal effects against fire, smoke, wind, and vandalism damage. Some of the types of damage that are covered include: collapse, explosion, fire, hail, lightening, smoke, vandalism, weight of snow and ice, and windstorm. If the unit is unfit to rent due to loss, the coverage will reimburse the owner for fair rental value of the lost rental income up to 12 months (this may vary with each specific property fire insurance company). Each policy should offer flexible payment plans and direct billing options.
A reliable company will have claim services available twenty four hours a day, seven days a week. Accidents and disasters happen infrequently during regular business hours, and offering the best customer claim service should be noted during the comparing stage in finding a good property fire insurance company. Many policies can be individually customized. They can have a limited replacement value or can be increased to hold 125% to 150% value insurance. The premiums for more than 100% fair market value items are much higher, but may be worth it to the rental property fire insurance policy holder.
The policy will also protect the garage and any sheds or building on the same owned location. There is also a type of non- owner occupied rental property fire insurance that will cover all the personal possessions of the renters of the insured property. Loss assessment protection is available free of charge for members of an association. Property fire insurance policies can be discounted for a variety of reasons. By having an alarm, smoke detector, extinguisher, deadbolts, and a residential sprinkler system, can save the property owner up to 15%. If the building is less than 9 years old, up to an 18% discount can be given.
Some Christians are apprehensive about the purchase of rental property fire insurance. They may feel that the purchase of any property fire insurance at all shows a lack of faith in God's ability to protect and provide for them. While the Bible does not address this issue specifically, it does address the issues of planning ahead for devastation. If financially feasible, the purchase of insurance is a way to plan for disaster, should it occur. "And let them gather all the food of those good years that come, and lay up corn under the hand of Pharaoh, and let them keep food in the cities. And that food shall be for store to the land against the seven years of famine, which shall be in the land of Egypt; that the land perish not through the famine." (Genesis 41:35-36)