Lallis and Higgins Blog

Homeowners Insurance for Rental Properties

Joseph Coupal - Monday, April 22, 2019

Lallis and Higgins Insurance, Weymouth, MAAlthough homeowner's insurance covers many of the basic problems that can arise through homeownership, it does not offer the extra liability coverage that is necessary to cover tenants and protect landlords in rental properties. Landlord insurance is designed to offer coverage that more closely fits the needs of a renting landlord. Because of the differences in coverage, the cost of landlord and homeowners insurance differs. You may be able to lower these through certain discounts or tax deductions.

Tip

Homeowners insurance for rental properties is actually known as landlord insurance. This type of coverage tends to be more expensive due to the increased risk non owner-occupied homes carry.

Rental Properties are Higher Risk

Generally, insurance providers see the insurance of a landlord’s property which he intends to rent as a higher risk because the policy holder does not intend to reside at the property. The fact that the owner will not be at the property daily presents a greater chance that the dwelling can be damaged or abused in some way – renters have less motivation to take good care of the property. Landlord insurance will cost more for both this higher risk and the increased liability protection that a landlord will need to purchase.

Covers Basic Damage

Most landlord insurance policies cover basic elemental damages, although flood policies and other natural disaster coverage, such as earthquake, must be purchased separately. If the landlord plans to furnish the apartment for tenants by providing appliances and dishes, this is also covered under the insurance but will add to the premium. You can purchased emergency assistance coverage, which helps pay for immediate maintenance needs, and theft, vandalism and liability coverage at an additional cost. These additions are specific to the location and fixtures of your rental property.

Landlord Policy Costs More

A landlord can expect to pay up to 20 percent more to purchase a basic landlord insurance policy versus a standard . However, if you can prove that your rental property will be occupied for a majority of the year, you may be able to negotiate a lower premium. Vacant rentals tend to add to the cost of insurance as there is more chance of damage when a home is unoccupied. Some insurance providers may see the constant habitation as a risk reduction on emergencies, such as a fire which could destroy the property if unnoticed.

Property Tax Deduction

As a landlord, you may be able to use the costs paid for your landlord insurance on a property as a deduction on your overall property taxes. If your insurance costs have been combined with your monthly mortgage payment, the bank should provide you with a Form 1098 which reports insurance costs, along with interest paid, which can be deducted. Owners of a condo property pay their structural insurance costs as part of their membership in the condo association, although the landlord is still responsible for insuring their personal fixtures and liabilities.

Rates Depend on Geography

The location of the rental property can also be leveraged to secure better terms on your landlord insurance. Some policies offer a 25 percent discount on landlord insurance premiums if a landlord can prove that the local fire department is located near a major water source, which could include smaller streams. A further 10 percent discount can be earned if your rental property resides in a gated community. Ask your policy provider about possible discount options that can be applied to your policy. Likewise, the state and neighborhood a home is located can also add to the cost of coverage. Rental property in areas with high theft or crime rates can also cost more.

For more information, contact Lallis & Higgins Insurance.

Source: homeguides.sfgate.com


Hit the Road with the Right RV Coverage

Joseph Coupal - Tuesday, April 09, 2019
Lallis and Higgins Insurance, Weymouth, MA

RV insurance can protect your motorhome, travel trailer, camper and even your horse trailer. Here at Lallis & Higgins Insurance, let us help you select the right coverage for your RV needs and get a great price at the same time.

Call us today at to get your free insurance quote.

Here are some things to consider when shopping for recreational vehicle insurance:

RVs that are for personal, recreational use can be insured for up to 250 days per year. This gives you plenty of time to travel south and enjoy some warmer winter weather or that extended vacation.

Liability coverage provides you with bodily injury and property damage coverage, medical payments, uninsured coverage and more. Coverage varies by state.

You may be able to choose how your Comprehensive and Collision coverage will be settled in the event of a covered total loss. Options tailored to your needs can include:

  • Stated Value - market value/actual cash value of the RV
  • Agreed Value – the insured amount, regardless of the current market value
  • Replacement Cost – we will replace your insured RV with a new RV that is most like it

Consider Vacation Liability coverage for when you stop driving and start using your recreational vehicle as a temporary residence. Some policies can include additional coverage for physical damage in Mexico.

Personal Effect Coverage provides replacement cost for damage or loss to items normally used with your RV when physical damage coverage is selected.

Some policies include Roadside Assistance, which has you covered 24/7 in the event of a breakdown or accident. Some will even allow you to upgrade the coverage to include lodging, transportation and meal coverage if needed.

Ask if customer assistance is available 24/7 to answer all your insurance questions. In the event you have a loss, the insurance companies we work with have skilled claims teams who will work with you to get your RV repaired and back on the road.

Other additional coverage can include: Accident forgiveness, pet coverage, diminishing deductible, and more.

Discounts can lower your premium. Ask us at Lallis & Higgins Insurance whether you qualify for safe driver discounts, original owner discounts, package discounts and more.

You can save money if you insure more than one item with a single company, including your home, cars, motorcycles, classic cars and boats. It will also simplify your life.

Lallis & Higgins Insurance is independently owned and locally operated to handle your insurance needs. We focus on Boston and the South Shore and offer affordable and reliable insurance choices all across Massachusetts.


Spring is Here!

Joseph Coupal - Monday, April 01, 2019
Lallis and Higgins Insurance, Quincy, Weymouth, MA

Nothing says Spring is here more than Easter Egg Hunts! Checkout our list of local events coming up this month to have fun at with the family.

Sat Apr 13, 2019 - Sun Apr 21, 2019
Easter Activities at Bass Pro Shops 1 Bass Pro Dr. Foxboro, MA

There will be Easter activities for the whole family, including photos with the Easter Bunny, crafts, and an egg hunt. Photos with the Easter Bunny (Saturdays from 11am to 5pm, Sundays from 12pm-5pm, Monday from 5:30pm to 7pm, and Friday from 2pm to 8pm). Crafts for Kids (Saturdays and Sundays from 12pm to 5pm, Friday 4/19 from 3pm to 7pm). Easter Egg Hunt on Saturday April 20 from 2-3pm. FREE 4x6 photo each day; one per family! https://stores.basspro.com/us/ma/foxborough/1-bass-pro-dr.html

Sat, Apr 13, 12 – 4 PM
Adult Easter Egg Hunt! The Brook Kitchen & Tap 200 S Franklin St, Holbrook, MA

Kids shouldn’t have all of the fun, so join the Holbrook Rotary Club in Holbrook's first ever Adult Easter Egg Hunt Holbrook Rotary Club's Adult Easter Egg Hunt will be held on Saturday, April 13. https://www.eventbrite.com/e/adult-easter-egg-hunt-tickets-56860754046

Sun 4/14 12:30pm
Spring on the Lawn: A Loring Greenough EggSpectacular! 12 South St. Jamaica Plain, MA

Egg Hunt, Ice Cream, Spring Parade and Portrait station with the bunny himself! – BYOCamera! Egg Hunt on the Lawn plus new kids activities, snacks, and special guests! New this year: Timed hunts for different age groups in separate hunt zones! Be sure to stop in at The Eliot School to decorate eggs before the event! 10:30 – 12:30. Arrive at 12:30 to register your hunter(s) in their age group. (If you pre-register online, you can skip the line!) http://loring-greenough.org/house-event/spring-on-the-lawn-annual-egg-hunt-and-spring-celebration/

Friday Apr 19th & Sat Apr 20th 11-3pm
C.N. Smith Farm 325 South St. East Bridgewater, MA

Due to the size of the contents of the eggs children must be a least 3 years of age to participate. Each Easter Egg Hunter is provided with one egg carton to fill with 15 eggs. Easter eggs are filled with candy and toys. We request that all young children be accompanied by an adult. http://cnsmithfarminc.com/special-events/easter-egg-hunt/

Sat, Apr 20, 9:30 - 12PM
Irish Cultural Center 200 New Boston Dr. Canton, MA

Check out Easter Egg Hunt at The Irish Cultural Centre of New England in Canton on April 20, 2019 http://www.irishculture.org $8 per person – pay at door. Includes pancake breakfast, face painting, hayride and more.

Sat, Apr 20th 10AM – 12 PM
United Church of Christ 460 Main St, Norwell, MA

This free event includes a DJ, crafts, games, and an Egg Hunt! All are welcome to this community Eggstravaganza. RSVP online at https://www.uccnorwell.org/event/3227

Sat Apr 20th 1pm
KPNA 6 Annual Easter Egg Hunt, 891 Montello St Brockton, MA

The Keith Park Neighborhood Association hosts their 6th annual Easter Egg event -- fun for kids up to about age 14. Enjoy arts, crafts, an egg and spoon race, the egg hunt, a free photo with the Easter Bunny, and every child goes home with a Bunny Bag of sweet treats. The event is free and you can find details here: https://kpnabrockton.weebly.com/

For more information, contact Lallis & Higgins Insurance.



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