Nebraska landlord insurance is easy to find with the right tools from LandlordInsuranceQts.com. Save hundreds of dollars each year when you compare rates from the top providers in Omaha, Lincoln, Bellevue or Kearney. Professional insurance agents are ready to explain why you need a landlord insurance policy versus a standard home insurance policy. Get the answers you need to be prepared for the next rental property surprise.
Landlord Liability Insurance
Without a doubt landlord liability insurance is one of the most important coverage items to have. In the event your renter gets injured due to the lack of maintenance or some other cause that you are liable for this can save your rental business.
Most cases involve a tenant getting hurt when slipping and falling on property. The fall was the cause of a stair case not in proper condition or a walkway not cleared of debris. This is the responsibility of the landlord and therefore you are liable for damages.
Having adequate liability insurance will ensure that any injuries to the renter or his property will be covered. Most policies come with $300,000 in liability coverage but it is very cheap to increase that limit to $1 million usually less than $50 per year.
How to Find The Cheapest Landlord Insurance in NE
Each insurance company is different in the way they determine your rate and how much the average policy will cost but here are ways to ensure the lowest cost premium based on the factors above.
- Good Credit - The better your credit the lower the cost of your insurance. Many states are now allowing credit as a rating criteria so get used to it being used. Try to keep your past payment history spotless and a FICO score above 720 is considered excellent.
- Improve the Location - There is not much you can do about the location once you have purchased the rental property but be sure to keep the home well-kept and surrounding trees cut back to minimize potential hazards. The better your property appears the lower the cost to insure it will be.
- Building type - Condo and townhouse owners will likely have a home owners association which will cover the exterior of the home so you are only responsible for the interior. This can save you hundreds of dollars each year. If the unit includes custom building and expensive materials expect to pay more because the cost to replace those items is greater.
- No Claim history - Try not to make a claim if it is a small value of $2000 or less. Most companies look at multiple claims as a sign that you are prone to making claims in the future. If you are deciding whether to make a claim or not contact your insurance agent and ask them personally. Don't call the claim department and ask them because they are likely to document the call and file it for future use.
- More Discounts - Ask about multiple policy discounts and the combination of auto and home insurance. Sometimes combining your personal auto insurance with this policy can save you 20-30% off each policy.
Landlord Building Insurance in Nebraska
Landlord building insurance is the primary coverage offered on most policies. This will provide protection against common threats such as hail, wind and fire just to name a few. If you own a rental property that is a single family home you know that you are responsible for the maintenance of the home including the roof, exterior walls and attached structures. Having the proper building insurance will cover these parts of your home and you will only need to pay the deductible.
Dwelling coverage and landlord building insurance are very similar but the later is specific to a rental property insurance policy. If you have tenants living in your property you must inform the insurance company so there is nothing excluded at the time of a loss. It is not uncommon for a landlord to make a claim with the insurance carrier just to find out that they will only cover a small portion of the loss since the owner did not inform the insurer of the rental status.
Nebraska's 5 largest cities by population
City - Population
Omaha 408,958
Lincoln 258,379
Bellevue 50,137
Grand Island 48,520
Kearney 30,787
*Data from 2010 Census Population by the Department of Economic and Community Development.
Common Landlord Insurance Claims in Nebraska
Wind
(Most claims cost over $3,500 to repair wind damage)
Water
(Most claims cost over $4,700 to repair damages from water)
Hail
(Most claims cost over $4,100 to repair damage from hail)
Liability
(Most claims cost over $23,700 to recoup liability damages)
Freezing Water
(Most claims cost over $4,800 to repair damages)
NOTICE: The amounts listed above are for illustrative purposes only and should not be used to decide what coverage limits you need for your landlord policy. Speak with your insurance agent to determine the proper coverage limits.
