Category: Landlord Insurance

The Need for Landlord Insurance for Short-term Rentals

If you’re renting on platforms like VRBO, Airbnb, HomeAway, or others, it’s highly probable that you need some form of landlord insurance in addition to your homeowners’ coverage. Here’s how we at Greater Tulsa Insurance Inc., catering to Tulsa, OK, and neighboring communities, break down the reasons why.

Landlord Insurance vs Homeowner’s Policy

The key distinction between these two is that landlord insurance covers your property against damages when occupied by a renter, while your homeowner’s policy only covers damages when you, the homeowner, are residing there.

When you lend your home, even for just a night or two, it is classified as a commercial property. Without landlord insurance or an additional rider on your homeowner’s policy for an extra premium, you stand unprotected against damages to your home during the rental period.

If your guest wreaks destruction in your home, only landlord insurance will bail you out.

Simplifying Property Protection for Short-Term Rentals

We at Greater Tulsa Insurance would like to remind our clients that while insurance is crucial if you’re running a short-term rental, you need not jump a lot of hoops to get it. We can simplify the process to get you the coverage you need.

Depending on the situation, Greater Tulsa Insurance Inc. can often consolidate an "Airbnb rider" or similar coverage update with existing homeowner policies for customers in the wider Tulsa, OK, area. Following any casualty caused by your guests, you can file claims the same way you’d report any other casualty to your home.

A separate landlord insurance policy might better serve your needs in other scenarios. Schedule time to speak with a Greater Tulsa Insurance Inc. agent to find the right insurance for all your home

If you’re a landlord here in the Tulsa, OK area, chances are you’ve had to deal with difficult tenants at some point. While it can be frustrating and stressful, there are ways to handle the situation in an effective and professional manner. Here are a few tips from us at Greater Tulsa Insurance Inc. for dealing with difficult tenants.

Dealing with difficult tenants

1. Communicate clearly:

Open communication is key when dealing with difficult tenants. Make sure to clearly explain your expectations and provide feedback if they violate any of your rules or policies. This will help avoid confusion and prevent further issues down the line. 

2. Be understanding:

Difficult tenants may have legitimate issues that need addressing, so be sure to consider their point of view before making any decisions or judgments about them as people. If possible, try to empathize and listen to their complaints without immediately getting angry or defensive.

3. Follow the law:

When it comes to tenant-landlord disputes, make sure you know your local laws regarding eviction and other legal matters related to tenant/landlord relationships. This will help protect your rights as well as those of your tenant in case things get out of hand or a legal dispute arises. 

4. Stay organized:

Keep track of all tenant interactions (including phone calls and emails) in addition to paperwork such as rental agreement contracts or maintenance requests from the tenant themselves. Having everything documented will help in case any disputes arise later on that require evidence of previous communications between both parties involved. 

We Can Help!

For more tips or information on a landlord’s insurance policy, give us at Greater Tulsa Insurance Inc. a call today. We are proud to serve the Tulsa, OK area and would be happy to help you find the right policy.

If you have purchased investment properties that you plan on renting out, you may learn that you do not need home insurance on the property. Instead, you need a type of insurance product referred to as landlord insurance. If this is your first time purchasing an investment home, you may find yourself wondering what the differences between home insurance and landlord insurance are.

Our team of insurance experts at Greater Tulsa Insurance Inc., serving the greater Tulsa, OK area, explains how landlord insurance differs from home insurance. 

How Does Landlord Insurance Differ From Home Insurance?

Landlord and home insurance are very similar to each other. They both cover the main structure of your home, such as protecting the roof in a hail storm or paying for damage caused by a burst pipe. However, the major difference between landlord insurance and home insurance is what belongings are covered inside of the home.

Home insurance covers all of your belongings, such as furniture, clothing, jewelry, and art. Landlord insurance does not. This type of policy may cover large items that are found in your rental home, such as your appliances, but that is all that the policy covers. A renter will need to purchase renters insurance to ensure their belongings are covered in the event of a fire, theft, or other unexpected events. 

Contact Us Today

Landlord insurance is similar to home insurance, but it is not exactly the same. If you are looking to rent out your home and no longer live in it yourself, you need to purchase landlord insurance rather than home insurance. The team at Greater Tulsa Insurance Inc., serving the greater Tulsa, OK region, can help you with all of your insurance needs. Reach out to us today to obtain an estimate for a landlord insurance policy.