It is very important that you understand what your homeowner’s insurance covers at your Phoenix rental property and be sure to fully discuss all options with your insurance agent to be sure you have the appropriate coverage at all times.

Another important step to take is to double check that your insurance will cover your Phoenix rental property if the property is vacant for more than 30 days.  Unfortunately many policies will not because the property will be exposed to more issues the longer it is vacant.  The good news though is if your policy does not cover your rental property after 30 days, you can usually add a rider or purchase additional coverage that will protect you but be sure to do that prior to the 30 days expiring.

The main thing is that you understand your policy and communicate to your insurer when the property is vacant.  It is much better to pay a little bit more for the right coverage then to assume you are protected and find out the hard way.

One other thing to consider is your liability limit.  Because of the many risks involved in owning a Phoenix rental Property, it may be a good idea to get the highest liability limits that the policy will provide.  If you’re not comfortable with the liability limit or if you have multiple policies, you may want to consider purchasing an umbrella policy.