Gila Insurance Group has put together a landlord insurance checklist of things you should discuss with your Insurance agent. While it’s nice to have the list, the question is why are these so important? Here we will break this down, and explain piece by piece why you need to have these conversations.

Other Structures
Value of Other Structures (Garages, Fences, and other structures) ______
Value of landlord property (Appliances, Furnishing) ______
Loss Settlement Option for Property ______
Loss of Use/Loss of Rent ______


For landlords these may not be the most critical points of coverage. However, these things can be important when it comes to attracting tenants.

Other structures – These are things like sheds, garages, fences and pools. While you may not think of these things as important, they can increase curb appeal and aid in attracting and retaining tenants. Failure to insure these items can be costly.

Value of landlord property – If you are furnishing the home, covering the appliances and furniture can be important. Usually there are limitations on how these things are covered.

Loss Settlement option – The simple question here is; in the event of a claim do you want new stuff, or just enough cash to replace these things via a craigslist hunt.

Loss of use/Loss of Rent – if your investment property burnt down, how will you make the mortgage on it? What’s your plan? Loss of rents is a coverage that can actually pay you rent as if there had never been a loss. How much would you need? How long will it take to rebuild the home? These are all questions that are important to have before you have a loss.