Rental Property Insurance in Massachusetts

Rental Policies Offered by LoPriore

At LoPriore Insurance Agency we understand how much your home means to you and the investment you put into it. You cannot look after your house 24/7, nor can you stop your house from regular wear and tear.

This is why we offer three different policies for rental property insurance. By choosing the right coverage, you can easily face the cost of repairs without having to depend on your rental income or cashing out money from your own pocket.

Do not hesitate to reach out to our team if you have questions or concerns about them. Our insurance solutions are designed to fit your lifestyle and budget.

With three different rental property insurance policies to choose from, we’ve ensured that you don’t face the dilemma of going with a one-size-fits-all plan that either offers too little or too much coverage than you actually require.

1. Dwelling Coverage

Like homeowner’s insurance, rental property insurance protects your property from physical damage resulting from risks like fire, lightning, wind, and others. Each policy will include covered perils, and its coverage will only extend up to the damage caused by them.

Some perils, such as vandalism and burglary, are typically not included in standard policies. However, you may have the option to purchase them to add to your policy if you desire. Other disasters like flooding and earthquakes are also excluded in most regular policies, so add them if you want.

2. Liability Coverage

If anyone is injured on your property and you are held responsible, liability coverage will help pay for medical or legal fees associated with the incident. Your rental property insurance in MA will only cover costs up to your policy limits. If you feel this may not be enough to cover your liabilities, you can opt to get umbrella insurance for your property.

3. Loss of Rental Income

This part of the policy helps cover for rental payments that may be lost if a covered peril causes your property to become uninhabitable. Similar to liability coverage, loss of rent coverage can pay up to the extent of a specific amount as a replacement for rent that you could have earned if your property was not damaged.

Aside from perils other than those specifically named in your policy, maintenance and tenants’ possessions are typically not included in a rental property policy. Some policies may also not cover sewerage problems, particularly if the problem happens on a street level.

Further, the coverage you choose may be based on the property you need to protect or the flexibility you need.

Dwelling Fire Basic Form Policy (DP-1)

The DP-1 policy is the most affordable and provides only the most basic coverage. Your DP-1 form will list the events covered by this policy explicitly so you’ll have a clear understanding of what’s covered and what isn’t. Thus, in the event of a claim, you will be paid for covered damage minus depreciation (wear and tear that occurs over time). DP-1 coverage includes:

• Fire & lightning
• Smoke
• Windstorm and hail
• Aircraft
• Vehicles
• Explosion
• Vandalism
• Volcanic explosion
• Riot
• Reimbursement of rental income up to 12 months when a covered event makes the dwelling unfit to rent.

Dwelling Fire Broad Form Policy (DP-2)

The DP-2 policy provides broader coverage than the DP-1. Covered events are listed on the policy for clarity, including additional events not covered by the basic form. Reimbursement for DP-2 generally provides current replacement costs without considering depreciation. DP-2 coverage includes the same coverage as the basic policy with these additions:

• Collapse
• Burglary damage
• Glass breakage
• Falling objects
• Frozen pipes
• Accidental water overflow
• Weight of ice and snow
• Electrical damage

Dwelling Fire Special Form Policy (DP-3)

The DP-3 policy provides the most extensive coverage for investment landowners and landlords. Instead of listing covered perils, the DP-3 policy covers all events except for those explicitly excluded on the form. Reimbursement for a claim with the DP-3 is similar to the DP-2, providing current replacement costs without depreciation. DP-3 coverage includes coverage for most risks. Exclusions include:

• Ordinance or law
• Nuclear hazard
• Flood/water damage
• Earth movement
• Neglect
• Power failure
• War
• Governmental action
• Intentional loss
• Mold

At LoPriore, our motto is insurance that fits your lifestyle. That’s why we include additional choices to fit your unique needs. Thus, if the standard coverage supplied by your chosen policy is insufficient for your needs, you can purchase additional optional coverage to support your policy. Additional options include:

• Earthquake
• Flood
• Theft
• Personal liability and medical coverage for tenants or visitors in the event they’re injured on the property

While a broad form policy usually provides adequate coverage, special circumstances may occur where you need extra protection. If you need rental insurance beyond the typical coverage, you can add an umbrella policy to your dwelling fire policy.