Last week we introduced the three types of rental property insurance policies; fire, Dwelling Policy Form 1, and Dwelling Policy Form 3 (see http://50.87.248.161/~wiseinsu/3-types-rental-property-insurance-policies/). I’d like to build on that in this week’s post with a look at the coverage that should be on a Form 3 Dwelling Policy in order to provide the best coverage for the property owner.
I have a number of clients across Dallas / Fort Worth who own rental property. Some are first time landlords while others own multiple rental properties and have done so for many years. It’s exciting for me to be a part of helping someone reach their financial dreams by protecting an asset that should grow in value over time. When working with a person buying their first rental property, I begin that discussion with a brief overview of the three types of rental property insurance policies.
I have the honor of providing coverage for a couple who recently moved to Dallas from Fort Worth. Their decision was driven so they would be closer to the wife’s clients and his office. Instead of selling their home though, they decided to lease it to another family. Before doing that, he called me to discuss what they needed to do insurance wise on their Fort Worth home and their Dallas home, one of the loft apartments near down town.
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