LANDLORD FURNISHINGS
A landlord’s insurance policy covers the home and can include insurance for the landlord’s furnishings. This isn’t the renter’s stuff, that needs to be covered under a renters policy, this is your stuff. Coverage for the landlord’s furnishings is important, and should not be overlooked. Why, because even if you aren’t furnishing the home, the value of what you probably will furnish can be significant. Consider this; even if you do not furnish the home there may be a refrigerator, a stove, a microwave, maybe even a washer and dryer. If the microwave is built in to the cabinets then it would be considered part of the building, as would the dishwasher, but those other big ticket items are exactly that, even with those President’s Day Sales Prices. Even on the cheap you are looking at $2,000-$3,000 to replace those items. Maybe that isn’t a big deal, however, given the fact that you will already have a deductible you don’t want to compound your out-of-pocket costs with replacing landlords furnishing. Coverage is relatively cheap, and is worth considering.
Other things to consider, landlord’s furnishings are typically covered for “broad” form coverage not “special” form coverage without being changed. This means your stuff is covered for less than what the home would typically be covered for. If this bother’s you can often change the policy to cover your stuff under a “special” form.
If you are furnishing more than just the basic appliances, it is important to note that theft of landlord’s furnishings will not be covered, so if you are going to rent the home out fully furnished you will want to use other risk management techniques to protect your stuff, whether that be through a large security deposit or in some other way, and never furnish with something you can’t afford to replace.
In 13 years of providing RV insurance we’ve gained a bit of experience. By experience I mean we get asked to insure all types of things. So much so that it necessitates a few definitions.
Since we are talking about RV insurance, let’s start with defining what an RV or Recreational Vehicle is. A Recreational Vehicle comes in two general types–Motorized units and Non-motorized units. Motorized units are Motorhomes. Motorhomes are divided into three classes including Class A, Class B, and Class C. Non-motorized units are typically of the towable variety and include conventional travel trailers, fifth wheels, toy haulers and pop-up campers.
That said, not all “RVs” are insurable. So let’s define what an insurable recreational vehicle is.
While different insurance companies have different appetites for risk, most have very similar definitions of what makes an RV insurable. For example most insurable RVs have the following equipment.
- Refrigeration equipment
- LP-Gas / Propane System
- Bathroom Facilities that are “Built in and Plumbed”
- Cooking Equipment (think kitchen, not a Coleman)
- Heating/Air conditioning system that is separate from the system provided by the engine
- Separate electric power system with a 110V-125V hook up
- Drinkable water supply system
With few exceptions these are required for all insurable RVs. So, let’s talk exceptions to these hard fast rules.
These items are insurable if the exceptions are met:
Class B Motorhomes, or camper vans – While Camper vans are not required to have all of the equipment provided above, they are still required to have a fresh water hook up and a separate 110 volt electric power hook up. In addition a Class B motorhome must include at least two of the following: sleeping facilities, kitchen or toilet facilities.
Pop-up Camper – no requirements
Truck Camper – again, no requirements
If you have an insurable RV and are in the market for RV insurance contact us today at 877-784-6787 or start your quote online today.
This coverage explanation is for illustration purposes only and is general in nature. Coverage explained here may not apply to your policy, State, company, or situation. For more information about how your policy would respond in the event of a loss, please refer to the terms and conditions and declarations page of your policy.
Perils insurance against, what in the world does that mean. Here’s an insurance guy trying to explain the insurance options for rental property insurance.
Rental Property Insurance Coverage – Section I policy Form – Perils insured against.
Demystifying the stuff coming out of your insurance agent’s mouth
Perils insured against…. What does that mean? Let’s see if I can take off my insurance man hat for a second and put on my investor hat. Why? Because I believe this is where A LOT of insurance folks tend to lose their clients. It’s a simple thing, but we often get too caught up in the insurance lingo when we are explaining this stuff. So, here is my best attempt.
A peril is stuff that happens to cause a loss. So, stuff that happens, for which you are insured, is a covered peril.
Okay. Sometimes you will hear an adjustor or an insurance agent say something like, “in the event of a covered loss.” Well, what in the world is a “covered loss?” How could you know? That’s where the policy form comes into play. Policy forms are like a series of hooks on a wall, so we take our policy and we hang it on a form, then every time we read something like “in the event of a covered loss,” we can look at our hook, and we see if it’s covered in the policy.
Okay, so there are essentially 3 types of “hooks” or options for rental property insurance buyers. There are basic, broad, and special forms. That’s easy, but of course you will often hear agents referring to these as DP-1, DP-2, or a DP-3. This basically says it’s a dwelling policy with this kind of form… Now, each form has a list of stuff that gets covered. Basic being the worst and special being the best. Now that I have gone all insurance guy on you, let me break it down visually so that you can understand it.
THIS IS A GENERALIZATION, CHECK YOUR POLICY! THERE ARE THINGS THAT CAN CHANGE THESE LISTS LIKE THE PROPERTY BEING VACANT OR OTHER FACTORS!
Now before you get all crazy and say, “hey Broad has most of what special has, I bet I can save some money,” slow your roll. Let’s look at that last one; Risk of Loss with Exclusions. What does that mean? It means that unless the insurer specifically excludes it, it’s covered. That is a HUGE difference. In the first two options the insurer will only cover a handful of things, and if it’s not on the list, then it’s not covered. The last option, the special “hook,” says if it’s not excluded, its covered, which leaves hundreds of covered situations with a handful of exclusions.
LONG STORY SHORT? You’re special so get special. It’s as simple as that.
Start your quote online or call us for an immediate quote 1-877-784-6787.