Many individuals and businesses own rental properties and use them as a source of revenue as well as a real estate investment.

These rental properties can range from a condominum or home to large commercial buildings rented to businesses.

Regardless of the size of your rental property business, you need to protect your assets properly.

Not all insurance policies are the same. Purchasing insurance based only on price may save you a few dollars up front, but cost much more at claim time.

There are two basic types of coverages that you must consider.

First, landlords who want minimal coverage to protect their property from major causes of loss such as fire, lightning, wind, hail, etc., should consider a named peril policy.

For those landlords who want the broadest coverage available, a comprehensive policy is the answer. A comprehensive policy covers all types of accidental losses, except those that are specifically excluded in your policy.

Secondly, you must decide what optional coverages need to be included. These can include such things as liability, loss of rents, other structures, theft, contents, vandalism and vandalism by your tenants.

Thirdly, you will need to determine whether you want your losses settled on an "actual cash value" basis or on a "replacement cost" basis.

Actual cash value pays only for the current sale value of your property (not counting the value of the land). Replacement cost settlement pays you the amount needed to replace your property without deduction for depreciation.

At Pierceland Agencies, we offer various rental property insurance policies ranging from the lower priced named perils policies to the most comprehensive policies on the market that offer replacement cost settlements and also cover tenant vandalism and sewer back-up.

We offer a unique policy that is taylor-made for rental homes, duplexes and small apartment blocks – it offers replacement cost, comprehensive coverage and is competitively priced.

Be sure to contact one of our brokers and we will provide you with competitive quotes on all your rental properties.