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Rental Home Insurance
Income generation through property ownership is very common these days. There is the same exposure to financial loss as an owner would have with a principal detached dwelling. Rental Home insurance often provides coverage on a Replacement Cost Basis for the Dwelling Building and Detached Private Structures, loss of Rental Income in the event the dwelling is uninhabitable due to an insured claim and premises liability for unintentional injury at the insured location only.
Depending on the location and condition of the dwelling there may be factors that could make the property undesirable for a regular insurance market (company). There are other specialty markets that are available for these risks, however, coverage is often limited in terms of damage that will be covered and to Actual Cash Value (replacement value less depreciation).
Rental Home coverage is generally provided for long-term tenant occupied dwellings with limited discounts available. Most insurers will require landlords to complete Rented Dwelling Questionnaires to gather details on the tenants that will be occupying the property.