A farm landlord insurance policy or farm dwelling insurance policy is designed to provide coverage to the dwelling, other structures, and loss of use.
The dwelling fire policy will strip away the personal property coverage (furniture, electronics, decor, and clothing) from the policy. This is because the personal property of the tenant is not the landlords and thus can not be insured by the landlord. The personal property will be covered under a Renters Insurance policy that the tenant purchases.
Landlords that provide furnished rental units will need to talk to our team at Clark Carroll Insurance Agency to make sure that any couches, artwork, lawn mower, or snow blower are covered.
A Dwelling Fire policy will also provide a loss of income coverage if the building is damaged and unable to be rented for a period of time. The policy also provides the landlord liability insurance and medical payments.
Vacant homes can have coverage provided on the dwelling by a Dwelling Fire Insurance policy. This will cover the structure, but not any contents in the dwelling. Homes that are on the market or homes that are being rehabbed could be examples of homes that would benefit from a dwelling fire policy where coverage is desired on the dwelling but not on the contents of a home.
The other way a farm landlord policy can be used is if you own farm ground that someone else farms. This could be a retired farmer who now rents the ground to a family member, neighbor, or anyone else to farm. If you have inherited farm ground a farm liability policy is a must. Even if there are no farm buildings on the property liability is still needed.
Clark Carroll Insurance Agency provides Home Insurance solutions around the area of Mt. Carroll, Lanark, Shannon, Milledgeville, Chadwick, Lake Carroll, Savanna, Thomson, Pearl City, and many more areas in Northwest Illinois. And even Iowa!