my name is jesus olivares with bound insurance,i'm the commercial insurance specialist. today we are going to talk about investment propertyinsurance. you currently own a home, planning to move out and convert your current homeinto an investment property, your home owner's insurance policy will not cover you, you needa "landlord insurance policy." we recommend a dp3 or "dwelling policy 3"for the reason that we can offer replacing cost on structure, roof and contents. we canalso add loss of rent in case your tenant wants to move out and we can offer water backupand foundation to water damage. here are some quick tips that i give to allmy landlords. don't allow your tenants to have vicious breeds of dogs like german shepherds,pit bulls, rottweiler's and chowchows.
your tenants may have kids and want to havea trampoline in the backyard, don't let them. a kid flies off, gets hurt you may be liableand your policy probably excludes trampolines. if your home has a pool with either a slideor a diving board, these are usually not allowed by the insurance companies and will make itvery difficult to find an insurance policy. ask your tenants to carry renters insurancewith at least $100,000 liability so that if something happens you want their insuranceto pay first. finally if your short term rent your property,contact your insurance agent because you may need a different type of insurance policy.i'm jesus olivares, the commercial insurance agent, if you break it we are bound to coverit.
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