Factors that Impact Your Rental Home Insurance

When buying a rental home, it's important for you to buy rental home insurance for your home. We worked with Goosehead Insurance to share factors that impact your home insurance down below!

Financial Score/ Insurance Score: This is the biggest thing. If you have bad credit, a history of filing a lot of claims, has ever had a lapse in home or dwelling (rental) insurance coverage, have a history of using nonstandard companies (not government backed), etc. This will make rates increase but with Goosehead Insurance can find a way to help!

Roof Age: The newer the roof, the lower the rate. If the roof age is older than 15 years, most carriers will either cover the roof at ACV (normally covered at replacement cost).

Location- If the area has a history of catastrophic losses in the last 5-6 years, the home will be rated as a higher risk.

Age of Home - Older materials are at a higher risk of perils affecting them

Upgrades to Utilities - Things like plumbing, electric and heating

I understand some investors like their current insurance companies and that is totally fine, but it is always free to check and have some peace of mind knowing you are in the best spot possible or have information on if they can save money!

For California Investors- Justin @ Goosehead is almost always approved to write policies in California as well, meaning he can look at your primary home and auto as well.