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Rental Property Insurance

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Rent Easy & Insure Smart

If you’re an rental property owner, landlord, or an apartment building owner in MA, you need insurance that’s got your back for all your properties. Renting out your property can sometimes lead to unexpected issues and losses.

Your coverage can vary, but the right policy will handle things like tenant-caused property damage, lost rental income, and even accidents on your property. Whether you’ve got a multi-family home, single-family place, condo, or apartment, the right insurance makes sure you’re covered. At LoPriore Insurance, we’ve got you and your investment property protected.

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Massachusetts Rental Property Insurance
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Massachusetts Rental Property Insurance
Lopriore Insurance Agency

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At LoPriore Insurance, we understand the unique challenges landlords and property owners encounter in the rental market. That’s why we’ve crafted specialized Rental Property Insurance solutions, tailored to shield your investments from the potential uncertainties of leasing. Our dedicated team is committed to designing coverage that aligns precisely with your requirements, ensuring the security of your properties and the growth of your real estate endeavors.

From safeguarding against tenant-related risks to protecting your rental income, our team of agents can help you purchase the right Rental Property Insurance for your property. LoPriore Insurance partners with with top insurance providers, we offer high-quality policies that help  you to manage your properties. 


Understanding the Importance of
Rental Property Insurance

Rental Property insurance from LoPriore provides comprehensive coverage to safeguard your investments as a landlord or property owner. With tailored protection against tenant-related risks and rental income loss, we ensure your peace of mind and the growth of your real estate ventures.

What is It?

Rental property insurance or landlord insurance, is a must-have for anyone renting out a property. It safeguards your valuable investment against unforeseen damages, liability claims, and loss of rental income. With coverage tailored to rental properties, it's designed to give you peace of mind, knowing that your investment is protected.

Why Do I Need It?
  1. Protect Your Building: Things like storms, fires, or vandalism can cause damage to your property. Insurance helps cover the costs of repairs.
  2. Cover Legal Costs: If someone gets hurt at your property and blames you, they might take legal action. Insurance can help with the legal fees and any payout you might need to make.
  3. Keep Money Coming In: If something happens that means your tenants can't stay in the property (like a flood or fire), insurance can help replace the rent you'd lose while repairs are being made.
  4. Peace of Mind: Being a landlord can be stressful. Knowing that you have insurance to cover unexpected problems can make things a lot easier.

In short, rental property insurance helps keep you safe from unexpected costs and worries that come with renting out a property. It's like having a backup plan, so you're not caught off guard if something goes wrong.

Who Is It For?
  • Individual Landlords: Whether you're renting out a single-family home or a multi-unit building, rental property insurance is essential for protecting your investment.
  • Real Estate Investors: If you've invested in residential rental properties, safeguard your potential profits and assets with rental property insurance.
  • Property Management Companies: Managing various properties exposes you to unique risks, making rental property insurance a vital part of your risk management strategy.
  • Owners of Short-Term and Vacation Rentals: Specialized coverage options are available to protect properties rented out on a temporary or seasonal basis.

Who We Insure

Rental property insurance provides coverage for property owners who rent out their properties. It insures the property itself against damages from perils like fire and vandalism, while also offering liability coverage for injuries on the property and compensating for lost rental income due to covered events.

Types of Properties we Insure

Apartment Buildings

Multi Family

Mixed-Use Residential & Commercial Buildings

Vacation Home

Secondary Home

Mixed-Use Residential & Commercial Buildings
Apartment Buildings
Multi Family
Vacation Home
Secondary Home
Apartment Buildings
Multi Family
Vacation Home
Secondary Home
Mixed-Use Residential & Commercial Buildings

How much does Rental Property Insurance Cost?

Rental Property Insurance - Cost

The cost of Rental Property Insurance can vary widely depending on several factors. These factors include the location of your property, its size, the type of property (single-family home, multi-family unit, condo, etc.), the coverage limits you choose, and the specific risks associated with your rental property. Generally, policies with higher coverage limits and more comprehensive coverage options may come with a higher premium. Additionally, factors like the property’s condition, security features, and the local crime rate can influence the cost. On average, nationwide rental property insurance costs around $2,100 per year, which is generally 20-25% higher than homeowner’s insurance due to the unique risks associated with renting to tenants. To get an accurate estimate, it’s recommended to request quotes from reputable insurance providers, like LoPriore Insurance, who can take your property’s unique characteristics into account and provide a tailored cost estimate based on your needs.

Factors that Affect The Cost Of Rental Property Insurance

The cost of Rental Property Insurance is influenced by various factors, including the property’s location, type, size, and condition, as well as the coverage limits and specific risks associated with the property. Additionally, elements such as security features, local crime rates, and the property’s history can contribute to the final premium.

Risk Factors
Coverage Type
And Limits
Credit History
Landlord Experience
Claim History
Property Type
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How To Insure My Rental Property

To insure your property using rental property insurance, start by assessing your property’s specific needs and potential risks. Research reputable insurance providers like LoPriore Insurance that offer specialized coverage for rental properties. Request quotes, collaborate with the provider to customize your coverage, and carefully review the policy terms to ensure they align with your needs. Once you’re satisfied, finalize the policy by providing required information and payment. Keep the policy documentation secure and communicate pertinent details with property managers or tenants as necessary. Regularly review and adjust your coverage to accommodate changes in your property portfolio. With a trusted insurance provider, you can navigate the process confidently and secure tailored protection for your valuable property investment.

Rental Property Insurance - How To Insure

Tips for buying Rental Property Insurance

When insuring your rental properties, it’s essential to make informed choices to guarantee comprehensive protection for your investments. Here are some vital tips to keep in mind:

Evaluate Your Needs

 Determine the coverage you require based on the type of property you own, its location, and potential risks you want to protect against, such as property damage, liability, or loss of rental income.

Review Policy Terms
Carefully review the terms and conditions of the insurance policy. Make sure you understand what's covered, any deductibles, and any exclusions.

Provide Accurate Documentation

Keep copies of the policy documentation in a safe place, and share relevant information with property managers or tenants if necessary.

Protect Your Investments
Request A Rental Property Insurance Quote Today

Secure your rental property investments with comprehensive insurance coverage. From safeguarding against tenant-related risks to protecting your rental income, our specialized Rental Property Insurance provides peace of mind and supports your real estate endeavors. Get the protection your properties deserve with LoPriore Insurance.

Rental Property Insurance Coverage Options

Rental Property Insurance
Coverage Options

Our Rental Property Insurance provides a flexible array of coverage options designed to safeguard your real estate investments. Whether your property is vacant, rented, or under renovation, our tailored coverage shields against property damage, liability, and loss of rental income. While coverage details can differ between policies and providers, here are typical aspects often covered by our Rental Property Insurance:

Standard Coverages

Building Coverage
Building coverage for rental property refers to insurance that safeguards the physical structure of the property itself. This type of coverage provides financial protection in case of damage caused by covered perils such as fire, storms, vandalism, and more. It ensures that if your rental property's structure is damaged, you have the means to repair or rebuild it without bearing the full cost yourself. This coverage is a fundamental aspect of rental property insurance, offering peace of mind to landlords and property owners.
Business Personal Property Coverage
Business personal property coverage within rental property insurance safeguards the contents and belongings you provide for tenants' use within the rental property. This coverage ensures that items like furniture, appliances, and other personal property are protected against covered perils such as theft, fire, or vandalism. In the event of damage or loss to these items, this coverage helps you replace or repair them, minimizing financial impact and maintaining the quality of your rental property for your tenants.
Liability Coverage
Liability coverage for rental property provides essential protection in case you, as the property owner, are held legally responsible for injuries or property damage that occur on your rental property. This coverage helps cover medical expenses, legal fees, and potential settlements if a tenant, visitor, or even a passerby sues you for accidents or injuries that happen on the property. It offers financial support and peace of mind, ensuring that you're not solely liable for unforeseen incidents that could potentially impact your rental property and your financial stability.

Most Commonly Used
Coverage Extensions & Additional Coverages

A Commercial Package Policy (CPP) doesn’t have a fixed number of parts or sections, as it’s a customizable policy designed to meet the specific needs of a business. The sections of a CPP are determined by the individual coverages that a business chooses to include.

This provides coverage for lost income and extra expenses if the business is temporarily closed due to a covered loss.

Employee Dishonesty Coverage provides essential protection for employers against financial or property losses resulting from the fraudulent acts of employees. This coverage ensures that businesses are safeguarded against the potential financial impact of dishonest actions by their own employees.

Equipment Breakdown Insurance is a vital form of protection, often not included in standard commercial policies, which covers electronic losses, including telephone systems and computers. It provides coverage for both repair expenses and business interruptions resulting from the covered event, ensuring your business is safeguarded against unexpected equipment failures.

Ordinance or Law coverage comes into play when a significant portion of a commercial building is destroyed, and local regulations necessitate demolishing and rebuilding the damaged area to comply with current building codes. This coverage encompasses the cost of demolition and reconstruction, including the increased construction expenses required to adhere to building codes.

Ordinance or Law coverage comes into play when a significant portion of a commercial building is destroyed, and local regulations necessitate demolishing and rebuilding the damaged area to comply with current building codes. This coverage encompasses the cost of demolition and reconstruction, including the increased construction expenses required to adhere to building codes.

Ordinance or Law coverage comes into play when a significant portion of a commercial building is destroyed, and local regulations necessitate demolishing and rebuilding the damaged area to comply with current building codes. This coverage encompasses the cost of demolition and reconstruction, including the increased construction expenses required to adhere to building codes.

Ordinance or Law coverage comes into play when a significant portion of a commercial building is destroyed, and local regulations necessitate demolishing and rebuilding the damaged area to comply with current building codes. This coverage encompasses the cost of demolition and reconstruction, including the increased construction expenses required to adhere to building codes.

Ordinance or Law coverage comes into play when a significant portion of a commercial building is destroyed, and local regulations necessitate demolishing and rebuilding the damaged area to comply with current building codes. This coverage encompasses the cost of demolition and reconstruction, including the increased construction expenses required to adhere to building codes.

Available Insurance Policy Options

Business Owners Insurance
Business owners insurance provides comprehensive coverage, including property and liability insurance, to protect small and medium-sized businesses from a range of risks.
Dwelling Fire Insurance
Dwelling fire insurance is a type of property insurance that covers damage or loss to a dwelling, like a rental property, caused by specific perils like fire, lightning, and other named hazards.
Commercial Package Insurance
A commercial package insurance policy is a comprehensive package that combines multiple coverages, such as property, liability, and business interruption, into a single solution for businesses.

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Once we receive your uploaded policy one of our team members begins reviewing your policy. We will then contact you to discuss your coverage options. Every insurance company has different underwriting guidelines and offers different coverages and rates. Be advised while we try our best to quote with the information provided it still may be necessary to obtain additional information from you to prepare the most accurate rate.

Extra Security, Extra Peace of Mind

Request a complimentary quote for Rental Property Insurance from LoPriore Insurance and fortify your real estate investments against uncertainties. Our seasoned team will provide personalized coverage choices, guaranteeing thorough protection for your valuable rental properties throughout various scenarios, including leasing, maintenance, and more.

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Rental Property Insurance FAQs

While both policies have similarities, a renter’s insurance policy has features designed to protect your property while tenants are living there. Rental insurance insures the value of the dwelling in the same way a homeowners insurance policy does. It also has additional liability coverage for your tenants and coverage for damages by non-owners.

Like homeowners insurance, you’re not required by law to purchase rental property insurance in Massachusetts. However, if the property isn’t paid for, your mortgage may require it. While rental insurance isn’t required by law, it’s a good way to avoid significant debt or total loss in the event of a disaster.

As a landlord, you may need to leave items on the property for routine maintenance. Common possessions covered by the policy include lawnmowers, garden equipment, tools, and other maintenance equipment. However, your rental property insurance does not protect the personal property of your tenants.

Yes. Your insurance premiums may be tax-deductible because your rental property is a business investment. Some exclusions apply, so it’s important to discuss your personal situation with your tax advisor.

Structures attached to the main dwelling, like the porch or deck, are automatically covered along with the building. Further, policies can include other unattached buildings, like a garden shed or garage.

Landlord Insurance FAQs

The limit of coverage can be found within the insurance coverage section of your policy.

No. Landlord insurance covers the dwelling, attached structures, and personal property used to service the rental. Your tenants can purchase a renter’s policy to protect their possessions.

While laws don’t require tenants to purchase renters insurance, it is within your rights to add this requirement to the rental agreement. A landlord can also require a specific amount of insurance, proof of coverage, and require the tenant to keep the policy active for the duration of the lease. 

The cost of landlord insurance varies due to several factors including:
• The type and size of the construction
• Age and condition of the building
• How many rental units you have
• Whether you have a swimming pool
• Whether you allow smokers to rent from you
• Whether you have burglar alarms
• The presence of installed fire sprinklers
• Whether your electrical wiring is up to current code

Commercial landlord insurance provides additional protection to cover the liability risks associated with renting your building to a third party business. Additionally, you’re covered for the costs associated with lost income due to the interruption of business for a covered claim.

Apartment Building Insurance FAQs

The are some common are some risks that may occur within an apartment building complex.
• Severe weather or fire
• Theft or vandalism
• Liability for third party injuries
• Loss of rental income
• Discrimination lawsuits
• Invading the right to privacy.

A variety of elements are used to figure out the individual cost of an apartment insurance policy. You may need to provide this information to your agent to help determine the cost.
• The age and location of your building
• Extra features like a swimming pool, fitness center, or clubhouse
• The type of building and construction
• The presence of up-to-date safety and security systems

The amount of your deductible is an important feature of your insurance policy. A per building deductible describes a set amount that you will pay for each building in the event of a covered loss. A per occurrence deductible allows you to pay one fee for all buildings affected. It’s important to discuss these options with your agent to decide which is best for your personal needs.

Earthquakes and floods aren’t typically covered by apartment building insurance. However, if this is coverage you need, you can get additional policies that provide protection for these events.

The two policies provide similar types of coverage, but apartment building insurance adds additional coverage because you have multiple tenants on the property. An apartment building complex requires protection that covers employees, common areas, and additional security and liability concerns.

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