Insurance for Rentals (1-4 units) in Lake Oswego, OR
Rental properties can provide a lucrative source of income for landlords. Whether overseeing rentals is your primary profession or you have a different career, responsible property owners take steps to establish and maintain appropriate insurance coverage. Fortunately, insurance for rentals with 1-4 units is readily available to help ensure you and your assets are financially secure.
What Is Insurance for Rentals (1-4 units)?
Insurance for rentals between one and four units may often be referred to as landlord insurance, rental property insurance or multifamily property insurance. Regardless of exact terminology, these policies generally function similarly, offering various financial protections, such as the following:
- Liability coverage—This part of your insurance may compensate tenants, guests and other third parties if they are injured or their property is damaged by an incident for which you are at fault. For example, if you fail to clear an icy sidewalk promptly or leave clutter on a shared stairwell, you could be deemed responsible for resulting slips and trips.
- Structural coverage—This coverage can establish a financial safeguard for your rental property’s structure and common areas, including its roof, walls, foundations and electrical and plumbing systems. Tenants are generally responsible for insuring their property, such as the contents of their residences.
- Income coverage—If a covered incident, such as a fire or explosion, renders part or all of your rental property temporarily uninhabitable, this component of your insurance may help you recoup income you would have earned had you been able to lease affected units.
Your agent can assess your circumstances and recommend suitable coverage for your asset portfolio.
How Much Is Insurance for Rentals (1-4 units)?
Insurance for rental properties may have significantly varying premiums depending on unique circumstances. When assessing risk levels, determining coverage needs and quoting you a rate for a suitable policy, insurance companies may consider the following:
- Location
- Type of residence (e.g., house or apartment building)
- Number of units
- Structural specifications (e.g., building materials and age)
- Revenue earned from rent
- Previous claims
- Coverage details (e.g., endorsements, limits and deductibles)
Get the Right Coverage
At Action Insurance Company, we’ve served the Lake Oswego area for over 40 years and have access to a vast network of highly rated carriers. We will draw on our collective knowledge and resources to help you explore appropriate insurance for rental properties with 1-4 units and tailor policies to suit your specific needs. Contact us today to learn more or to get a personalized quote.