One of the perks of owning a duplex in Winter Garden, FL, is the option to live in one of the units while renting out the other. This arrangement can provide a steady income from tenants while allowing you to ensure the property is well-maintained. A common question is whether you need separate insurance policies for the rental unit. Our agents at Abney Insurance can explain the coverage options and help you secure the policies needed to protect your home and rental property.
Homeowners Insurance
When you own a home in Winter Garden, FL, you typically have homeowners insurance, which covers the structure, personal belongings, and liability. However, in the case of a duplex, while homeowners insurance covers your residence, the rental unit typically requires its own separate coverage, referred to as landlord insurance. Most homeowners policies do not include rental property coverage because rental units face unique risks that are not addressed by standard homeowners insurance.
Landlord Insurance
Landlord insurance provides an additional layer of protection for your property and finances. Unexpected events, such as hurricanes, fires, or vandalism, can occur and leave the rental unit uninhabitable. In such cases, landlord insurance compensates for the rental income you lose during the downtime. Additionally, landlord insurance covers liability risks, such as accidents involving tenants or visitors on the property, which could result in claims for medical expenses.
Contact Us
Ensuring your home and rental property are fully protected is essential, and that’s where we come in at Abney Insurance. Don’t take chances with inadequate coverage. Call us today, and we’ll provide a quote and answer any questions you have about your insurance options.
