Owning a rental property in Kansas City is a good investment, but it also comes with risks. From property damage and unpaid rent to liability concerns, you need to ensure you have the right landlord insurance coverage to protect your assets. Standard homeowners insurance may not provide adequate protection for rental properties, making a landlord insurance policy essential.
In this blog, we’ll explore the best rental property insurance options and highlight key landlord coverages you should consider.
Why Standard Homeowner’s Insurance Isn’t Enough for Rental Properties
Many new landlords assume their existing homeowner's insurance will cover their rental property, but this is a misconception. Homeowners insurance is designed for owner-occupied homes and often excludes damages caused by tenants or lost rental income due to covered events.
A proper rental property insurance policy, also known as a dwelling coverage (DP-3) policy, is necessary to protect your investment. These policies provide coverage for tenant-related risks and additional protections that landlord insurance helps protect against, which homeowners insurance does not include.
Essential Insurance Coverage for Landlords
When looking for rental property insurance in Kansas City, look for policies that include the following key landlord coverages.
Property Damage Coverage
This coverage protects against physical damage to your rental property caused by fire, storms, vandalism, and theft. Some policies also include property management benefits, covering appliances and fixtures inside the unit providing you personal property coverage. Using property management software to track damages and claims can simplify the insurance process.
Liability Protection
If a tenant or visitor is injured on your rental property due to negligence, such as a broken staircase or icy sidewalk, liability insurance helps protect you from lawsuits and medical expenses. Ensuring adequate liability coverage is important for financial security.
Loss of Rental Income Coverage
If your rental property becomes uninhabitable due to an insured risk such as a fire or storm, this coverage reimburses you for lost rental income while repairs are being made. This is a critical part of any landlord policy.
Tenant Damage Protection
While normal wear and tear are expected, standard property damage coverage does not cover all tenant-related damages. Policies that include tenant damage protection help cover intentional or negligent damage, reducing unexpected maintenance costs.
Eviction Costs & Legal Fee Reimbursement
Evictions can be expensive and time-consuming. Some property management insurance policies cover legal fees, court costs, and even unpaid rent during the eviction process. Having this coverage helps you handle tenant disputes with greater financial security.
Theft & Burglary Protection
Although tenants should carry renters insurance to protect their belongings, landlord insurance can cover stolen or damaged appliances, fixtures, and other property assets. This ensures that even in the event of theft, your rental property remains financially protected.
Introducing SureVestor’s Landlord Protection Plus
At Oz Accommodations, we understand the challenges and risks you may face in managing rental properties. That’s why we offer SureVestor’s Landlord Protection Plus, a comprehensive commercial insurance policy designed specifically for rental property owners like you.
What Does SureVestor Cover?
SureVestor’s Landlord Protection Plus goes beyond traditional landlord insurance by offering protection against some of the biggest financial risks you may face.
Including:
Lost Rent Protection: If a tenant stops making rent payments and legal action is necessary, this coverage ensures you don’t suffer financial loss. It reimburses up to 12 weeks of rental income, helping to minimize the impact of non-payment while eviction proceedings take place.
Tenant Malicious Damage: Even with tenant screening, some renters may cause intentional property damage. They offer up to $35,000 in insurance coverage for tenant damage, ensuring that you are not left covering expensive repairs out of pocket.
Theft Protection: Theft is a common concern for landlords. SureVestor covers up to $15,000 for theft-related damages, protecting you from financial losses due to stolen appliances, fixtures, or other property assets.
Eviction Legal Costs: Evictions are not only stressful but also costly. It provides up to $5,600 in reimbursement for eviction-related legal fees, including court costs and sheriff expenses. This coverage ensures you can proceed with legal action without excessive financial strain.
Lockbox Showings Protection: Lockboxes make it easier to show properties to interested tenants, but they also pose risks. If a property is damaged or items are stolen due to an unattended lockbox showing, it offers up to $5,000 in coverage to compensate for losses.
Service & Companion Animal Damage Protection: You are required to accommodate service and emotional support animals, but they can still cause property damage. SureVestor provides up to $1,000 in coverage for repairs related to these animals.
General Liability Coverage: It includes $1 million in general liability insurance, protecting you from legal claims that could otherwise lead to significant financial loss.
Why Choose SureVestor Through Oz Accommodations?
Oz Accommodations is committed to providing you with the best possible property management and risk mitigation services.
These are the benefits if you choose SureVestor through us:
Exclusive Access to Comprehensive Coverage: SureVestor provides rental property insurance with unique protections not typically included in standard landlord policies. This includes coverage for tenant damage, eviction costs, and loss of rental income, ensuring you are fully protected against financial risks.
Hassle-Free Claims Process: Handling insurance claims can be difficult and time-consuming. Our property management team assists you in managing the claims process efficiently, helping you recover losses quickly and minimize disruption to your rental property business.
Affordable Pricing: SureVestor offers landlord insurance options for properties renting between $1,000 and $3,000 per month. They ensure landlord insurance costs remain manageable.
Peace of Mind: You can reduce risk and protect your rental property investment. Whether you're managing one unit or an entire portfolio, our goal is to protect your assets so you can focus on growing your rental income and attracting potential tenants with confidence.
Let OZ Accommodations Handle Your Property
As a landlord, you work hard to maintain and grow your rental property business. Don’t leave your investment vulnerable to tenant-related risks, property damage, or unexpected legal costs. Choosing the right rental property insurance policy is crucial for long-term success.
With SureVestor’s Landlord Protection Plus, available exclusively through Oz Accommodations, you can protect your rental income, reduce financial risk, and ensure smooth property management operations.
Protect your Kansas City rental property with SureVestor’s Landlord Protection Plus. Contact us today to learn more and get the coverage you need!
