Las Vegas Rental Property &
Dwelling Fire Insurance
When you both own and live in your residence, you can count on your regular homeowner’s insurance to protect it in case of disaster. If, however, you own a rental property, it’s another story entirely. That’s when the purchase of dwelling fire insurance becomes a necessity. This special coverage is known also as landlord, second home, investment property or protector insurance, and rather than require that the property owner live in the home, it does provide protection for a tenant-occupied residence.
Dwelling Fire Coverage in Nevada
When purchasing dwelling fire insurance, you have the chance to choose among several different types of important coverage. In Nevada, the majority of rental property insurance policies will give you the option of coverage for:
- Damage resulting from fire, theft, storm or vandalism. In the case of a total loss, the best policies will cover the entire cost of replacing the rental property.
- Destruction that occurs at the hands of the tenants themselves, whether malicious or accidental in nature.
- Premises liability. If tenants, visitors or even trespassers should claim to have suffered major or minor injury on the grounds of your rental property, this form of insurance will cover their associated medical or funeral costs. In addition, it will protect you in the event that burst water pipes or other defects on the rental premises should result in damage to another person’s belongings.
- Loss of income. If your rental property becomes uninhabitable following a fire, explosion or other disaster, the structure itself is just a part of what you’ll lose. The rental income is another, and for those who depend upon it, this can be a major setback. In the majority of cases, dwelling fire coverage will replace one year’s worth of that revenue, giving you the time and money you require to restore the structure and get yourself back into landlord mode.
In addition to the residence itself, you can also choose to protect garages, sheds and other structures that exist within the boundaries of the rental premises.
Nevada Dwelling Fire Insurance Specifics
In the state of Nevada, most dwelling fire insurance policies will cover damage caused by:
- Civil commotion or riots
- Fire or lightning.
The amount you pay for dwelling fire insurance will vary based on:
- The extent of coverage you wish to purchase.
- The distance of the property from a fire hydrant.
- The rating of your local fire department.
- The structure’s age and type of construction.
- The amount of your chosen deductible.
- Any available discounts.
- Your credit score.
- Your history of insurance claims.
As with anything else, a bit of comparative research will often reward you with far lower premiums.
How to Be Sure You’re Getting the Best Rates
In purchasing dwelling fire insurance, it pays to shop around. Different companies often provide the identical coverage at vastly dissimilar rates. To avoid paying more than you absolutely must, you’ll have to check out the various companies. This will entail reading the ads, scanning the Internet, perusing the Yellow Pages and asking your friends, relatives and neighbors for recommendations. Unfortunately, while doing all this may get you the facts you need, it also forces you to make an effort while expending time that you may not have to waste.
Luckily, there is an easier way. At All Kinds of Insurance, we do the legwork for you. All you have to do is tell us what you require and how much you’re willing to pay. We do all the rest.
To get your dwelling fire coverage at the best possible rate, just click on “Get a Quote” or give us a call us 702-534-4697. One of our agents will be happy to help you right away.