Whether renting out a room in your home to make some extra cash or leasing out your entire property, it’s essential to have the right insurance in place. If something happens to your property while it’s being rented out, you could be liable. That’s why it’s crucial to have home insurance that covers rental properties. Let’s discuss whether or not you need rental property insurance and what it covers.

Why You Need Home Insurance for Renting

If you’re renting out a room in your home, your homeowner’s insurance policy will likely cover any damages that occur to the property. However, most homeowners insurance policies will not provide coverage if you’re leasing out an entire property. That’s because when you’re renting out a property, it’s considered a business venture. As such, you’ll need to purchase a separate policy that specifically covers rental properties.

What Rental Property Insurance Covers

Rental property insurance is designed to protect you from financial losses that could occur as a result of damages to your property or injuries that occur on the property. It will also cover you if your tenants cause damage to the property. Most rental property insurance policies will cover the following:

• Property damage caused by tenants or their guests
• Injuries that occur on the property
• Loss of income if the property becomes uninhabitable due to damages
• Legal expenses if a tenant sues you

How Much Does Rental Property Insurance Cost?

The cost of rental property insurance will vary depending on several factors, including the value of your property, the location of your property, and the amount of coverage you need. The type of tenants you have can also impact the cost of your insurance. For example, if you’re renting to college students, you may pay more for insurance than renting to families. To get an accurate estimate of how much it will cost to insure your rental property, speak to Versatile Insurance Planners in San Antonio, TX.

Conclusion

If you’re renting out your home, it’s essential to have the right insurance in place. Rental property insurance will protect you from financial losses resulting from damages to your property or injuries that occur on the property. To get an accurate estimate of how much it will cost to insure your rental property, speak to Versatile Insurance Planners in San Antonio, TX today.

If you have a history of accidents, moving violations, or tickets, your insurer may be less likely to provide you with a policy. 

Some policies may not be available if you do not meet a minimum age requirement or your motorcycle does not have liability insurance. 

Many policies also require that you have a certain amount of experience on your motorcycle. Versatile Insurance Planners in San Antonio, TX can help if you’ve questions. 

What’s Involved in Motorcycle Insurance Denial 

Motorcycle insurance is not one-size-fits-all, and every policy comes with specific terms and conditions that must be met to be insured. To be granted a policy, the insurer will likely request information about your riding history, bike, and driving record. 

If you have declined coverage or your premium is significantly higher than other drivers, know that you may have violated one or more of these conditions.

The most common reasons for denial of motorcycle insurance are driving violations, a lack of motorcycle experience, and insufficient proof of liability insurance. Other causes may include:

• For drivers under the age of 21, most insurers will require a parent or guardian to sign an endorsement on the policy
• For drivers over the age of 69, most insurers will require a doctor’s statement to sign an endorsement on the policy 
• For drivers with a record of DUIs, most insurers will require a doctor’s statement to sign an endorsement on the policy 
• Most insurers will require a doctor’s statement to sign an endorsement on the policy for drivers with a record of reckless driving violations.
• Most insurers will require a doctor’s statement to sign an endorsement on the policy for drivers with gaps in their insurance coverage.
• You may also be denied insurance if you have multiple DUI or DWI convictions.
• If you have multiple tickets or an at-fault accident on your driving record, you may not be able to get motorcycle insurance. 
• If you have had your car repossessed, you may not be able to get motorcycle insurance. 

Parting Thoughts 

You may be denied motorcycle insurance if you have a habit of reckless or unsafe driving. Habitual offenders are not welcomed in the insurance market, and this is especially true for motorcycles. 

If you have a DUI or DWI conviction on your driving record, you will have a more challenging time getting motorcycle insurance. 

Also, without experience, you may not get motorcycle insurance. For inquiries and help, consult the San Antonio, TX firm, Versatile Insurance Planners.

The San Antonio, TX area continues to experience growth and improvements in the local economy. This can make it a great community to invest in and start a business. While a lot of value comes with business ownership here, you will need to have the right insurance to mitigate various risks that come with owning a business. There are multiple reasons that a business will need to have this coverage for your business. 

Comply with Requirements

Businesses in this area of Texas will need to have coverage because they will have various insurance requirements. Many who choose to start a business will take out loans, raise capital, and sign other agreements that will mandate they maintain certain types and levels of coverage. If you get the right insurance in place, it can ensure you remain appropriately covered. 

Ensure Business is Covered

Another reason that a business owner should get a commercial insurance plan is to ensure their company is appropriately covered. There are various forms of coverage included with a commercial insurance plan. This includes offering liability insurance and giving coverage to protect all of your core assets. Ultimately, if there is a challenging situation that results in a loss, this coverage can help protect your business’s solvency.

A business that operates in the San Antonio, TX area will always find that having proper commercial insurance is a good idea. When you are looking to get insurance for your business, calling the team with Versatile Insurance Planners is a great option. The professionals with Versatile Insurance Planners understand the value of this coverage, and they can provide the guidance you need to build your next plan and policy. 

San Antonio, TX area motorcycle riders can rely on Versatile Insurance Planners for all of their insurance needs, including motorcycle policies. We want to ensure that our friends and neighbors have the protection they need when they’re out riding their bikes! We provide comprehensive policies, primary policies, and just about everything in between!

Benefits of a comprehensive motorcycle insurance policy

Basic motorcycle policies typically offer the bare minimum of coverage. Motorcycle riders who have recently upgraded their bikes may also want to look into upgrading their motorcycle insurance policy. One of the main benefits of a comprehensive motorcycle policy is the additional protection and coverage for injuries that require medical attention.

Additionally, it’s important to cover your bike from loss, theft, or damage. There is also protection available for coverage in the event of an accident that involves an uninsured driver. Oftentimes, it is much better to be over rather than underinsured. These are just a few of the many great benefits that a more comprehensive motorcycle insurance policy can provide.

Your local agent can go over the available options with you as you determine what type and level of coverage are appropriate for your needs. It is also a great idea to have your bike policy reviewed on a regular basis to make sure that your coverage keeps pace with your needs. 

Let us help with all your motorcycle insurance needs!

Versatile Insurance Planners San Antonio, TX is here to provide you with the information necessary to inform your insurance decisions. There are many benefits to comprehensive motorcycle insurance policies. Call or stop by our office to find out more!

Winters have been chilly down in San Antonio, TX, so you may not be riding your motorcycle as much during the colder months. Versatile Insurance Planners know that everybody could use an extra dollar or two, so you might be considering how to lower your insurance bill for a vehicle you’re using less.

Don’t Drop Your Insurance

Always keep your motorcycle insured. First, your motorcycle is still vulnerable to theft, fire, and other damage while in storage. Getting into a new policy can take time once riding season comes around again, and you might forget that you canceled it with the intent of renewing it later. Saving a small amount is not worth it compared to the potential damage from a stolen bike or riding without insurance.

Options for Variable Coverage

Although you shouldn’t drop motorcycle coverage, your insurance provider will likely have options to reduce your coverage based on your usage. That way, you can keep coverage like theft and fire while avoiding the costs of active usage.

Depending on the provider, the lessened coverage may be something that you discuss with them as needed, or they could have lay-up policies with a preset time period where your bike is expected to be in storage. Some versions might allow you a limited amount of collision and other on-the-road coverage in case you need to use the bike on occasion. The versatility of insurance makes it difficult to tell you all your options without more details, but you can expect a demonstration of lower risk to have some sort of benefit.

Ask an Agent for Help

Insurance agents like us at Versatile Insurance Planners help consumers understand their choices and find a provider with the insurance options that suit their needs. Residents of San Antonio, TX and surrounding Bexar county can contact us at any time.