If you own rental property, traditional homeowners insurance won’t cover you, and if you specifically rent out to college students where your property may be more at risk, specialty dwelling insurance may be one of the only policies that will cover you. We share what you need to know about specialty dwelling insurance and the different scenarios where it can benefit you.
Why You Need Specialty Dwelling If You’re Renting to College Students
When you own a rental property, you already know that traditional homeowners insurance won’t cover you. Landlord insurance can cover you, but if you rent out to tenants like college students who may move out frequently, a policy like specialty dwelling may be a better option since it’s a good shorter term rental policy. Plus, your property is more at risk of damage when you aren’t the primary occupant. You will want full coverage at a rate that will fit your budget , and specialty dwelling may offer an attractive rate while covering everything you need.
The Coverage You Have with Specialty Dwelling Insurance
The types of coverage you can have will depend on your insurer and your specific scenario, as well as the location of your rental property. If you’re furnishing the home, specialty dwelling insurance provides tenant liability and furnishings coverage. If the rental property is in a location that is prone to fires or flooding, or you’re worried about fire and water damage in general, you could add that coverage as well through your specialty dwelling policy. Through your policy, you can also purchase named peril coverage which covers you in the event of a fire or specified natural disaster. You have many additional coverage options with a specialty dwelling policy, so talk to your insurance agent about the best options for you. You can give us a call to learn what is covered in the policies we offer in your state.
Other Scenarios Where You’ll Want Specialty Dwelling Insurance
Specialty dwelling insurance will cover you in many other scenarios as well. If you own a vacation home or a home that’s older or has a lower market value than the cost to rebuild it, most home insurance policies won’t cover it. You can opt for specialty dwelling insurance in this case. Additionally, if you’re a homeowner with a credit score that traditional home insurance policies may not cover, specialty dwelling is a good possible option.
It’s nice to have peace of mind when renting your property, especially to college students or other short-term tenants. Speak with your agent to see what coverages are right for you and the different ways specialty dwelling insurance can cover you and help ease your worries.