Rental Home Insurance Definitions

Rental Home Insurance DefinitionsInsurance policies have their own dictionaries? Yes it’s called the definitions and there is a reason they define things, so there are no questions later.

Rental Home Insurance Definitions

Demystifying your insurance policy

The definitions of any insurance policy are super important, especially for Rental property coverage,  and unfortunately they are usually clear as mud. But, they make a HUGE difference in how things are covered. So while you might have an idea of what a given word means, it is important to understand how the insurance company defines things.

For example, there are a few basic definitions that anyone looking at a policy should understand.

  1. You: You’ll want to always be a “you” in policy. Why? Because the named insured gets the best coverage. Period. What do I mean? Remember that thing I said about the declarations page “driving” the policy. Well, the policy contract, that big stack of stuff that comes in the mail, doesn’t have your name on it, as it is general in nature.  Instead, it says things like “you” will be covered. In the definitions it says things like, “you” and ”your” to refer to the named insured, which is shown in the declarations. See why being a “you” is so important? I know, I know, clear as mud.
  1. Bodily Injury: You might also see a definition for bodily injury that will say something like, “Bodily harm, sickness or disease including death.” Notice that there is no coverage for personal injury, which includes things like libel, slander, false arrest, wrongful eviction, and invasion of privacy. This can be a big hole in an insurance policy and underscores the need for you to be a wise investor and landlord, NOT someone shooting from the hip. In fact, many companies covering rental properties will define their liability as “premises liability” to ensure there is no confusion about their lack of coverage for personal injury. Now, some companies will have an endorsement where you can add personal injury coverage, but not all so be sure you know what you are buying.

Alright, alright, I will step down from my soap box, but these are important things to know, because it could affect your decision making. Make sure you are a “you” in your policy, make sure purchase coverage for personal injury, and make sure you have a risk management strategy for avoiding personal injury claims, due to a wrongfully evicted a tenant, or crossed a privacy line. See, definitions matter.

Start your quote online now, or contact with questions about the definitions. Our licensed agents can walk you through the process, just call 1-877-784-6787.

Landlord Insurance

Gila Insurance Group LLC

805 W Court St. S
Safford, AZ 85546

Toll Free - (877) 784-6787
Local - (928) 428-6440
Fax - (888) 634-6384

About Gila Insurance Group

Customers choose Gila Insurance Group LLC as their insurance agent because they like being able to fill out one application online and then getting multiple quote from highly rated insurance companies. They like the friendly staff that takes the time to help them understand what they are purchasing. They like that the staff is trying to get the best coverage for them at an affordable price, and they LOVE that once they are customers Gila Insurance Group monitors their rates. If rates start to get out of hand they love that they have someone looking out for them to see if they can find a better option!

While Gila Insurance Group LLC serves Safford, Thatcher, Pima and all of Southern Arizona, they are also licensed in 32 states and serve clients from all over Arizona, California and this great Nation. Gila offers a variety of products including auto insurance, homeowners insurance, RV insurance, and business insurance. However, Gila has several specialties which include insuring investment properties such as rental properties, and fix and flip projects and Manufactured and Mobile homes.