Insurance for Rental Properties

Real estate is a great investment. To maximize your returns make sure you are properly covered and are receiving a competitive rate.

Whether you own a single family home, a townhouse, condo, or even a mobile home, our Family of Independent Agents can help cover your investment property.

We work with multiple carriers to help compare rates. There is no “one size fits all” approach to your policy or coverages.

  • Do you want coverage for wrongful eviction or personal injury?
  • Do you need higher liability coverages to protect your assets?
  • Are your properties insured for the correct amount of coverage?
  • Can I cover a vacant or unrented property?

Purchasing A New Rental Property?

We coordinate around your closing and keep a hands on approach to make sure everything is properly completed. Forgot having to call a company directly or waiting in line to speak with the next representative.

Let our Family of Independent Agents simplify your new property purchase.

Certificate of Insurance

If you are planning on remodeling your home, adding an extension, or having maintenance and repair work done (tree cutting, pressure washing, or paving) make sure you ask for a Certificate of Insurance from the professional you hire.

A Certificate of Insurance is as simple as it sounds—a certificate showing insurance coverages (usually for general liability and/or workers compensation) for the individual or company you are hiring.

For example, Dove Insurance Agency has a general liability policy for ABC Tree Removal. Jennifer wants to hire ABC Tree Removal to remove trees from her property and wants proof that an active insurance policy is in force in case something goes wrong. On request we will send a Certificate of Insurance made out to Jennifer showing the policy information, coverages, and effective dates for ABC Tree Removal.

It is recommended that you do not hire an individual or company if they cannot provide a Certificate of Insurance. This gives you written proof of an active insurance policy.

Auto Insurance Payment Plans

If you’re looking for an easy way to save money on your auto insurance, then consider your payment plan.

Most carriers offer a paid in full discount (up to 24% with some carriers!). By paying your policy in full for six months or one year, you “lock-in” the rate and get the advantage of your policy renewing once a year.

If paying in full is not a option, typically the next best option is EFT (Electronic Funds Transfer) or sometimes called Auto Checking. For this plan you’ll need to provide your checking account and routing #. Each month your policy with automatically be deductible from your account. Depending on the available plans, you may be able choose the draft day for a convenient time each month.

You can also pay automatically each month through a debit or credit card, but these plans tend to add a few dollars in monthly installment charges when compared to EFT.

Typically the most expensive payment plan is monthly with a bill sent through the postal mail each month (paperless options are available with a discount). However, this payment plan does provide the most flexible monthly payment options. Our Family of Independent Agents can take your payment in our office or over the phone, and you always have the option to call your carrier directly.

Serving the Commonwealth of Virginia For Over 50 Years!

Working with Our Independent Agents constitutes a promise, from our family to yours. We are here to educate you on how to keep covered and secured, no matter what the future may hold.

Our family of Independent Agents will find the best package for your needs. We represent multiple insurance providers and we work for you!

No Matter Where You Live In Virginia!

We have been extremely fortunate to work throughout Virginia to build lasting partnerships with our clients.

  • Are you in the market for personal insurance like Home or Auto?
  • Looking to protect your Small Business with the right amount of insurance coverage?
  • Have questions about Life Insurance and don’t know where to start?
  • Is your family growing and you need to be prepared for what’s ahead?
  • Do you have rental property that needs proper protection?

Get your insurance questions answered by experienced, local agents. No call centers. No random employees. Simple one-on-one discussions.

Dove Insurance Agency is also a Dave Ramsey Endorsed Local Provider (ELP).

E-Signature Available!

How Binding Restrictions Work

While writing this post, Hurricane Zeta is just off the gulf coast of New Orleans. It is the 27th named storm for this hurricane season. By the time it makes the track to Southwest Virginia the remains will affect the forecast with rain and wind.

Often when a severe weather event is imminent, insurance companies will impose binding restrictions in specific locations. For example, as of 10/28/2020 Progressive insurance has put binding restrictions in many counties in Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina, and South Carolina.

While the specific restrictions for Progressive vary by state, we can look a bit closer at some of the details. For discussion we will look at the exact wording for the binding restrictions in Alabama:

Physical Damage Coverage for Boat, RV may not be written, reinstated, or otherwise bound in any area where there is a hurricane, tornado, fire, flood or tropical storm watch, warning or occurrence. Additionally, no coverage for Boats may be written, reinstated, or otherwise bound in any area where there is a hurricane, tornado, fire, flood or tropical storm watch, warning or occurrence.  

Due to Hurricane Zeta we are required to temporarily restrict Physical Damage Binding for the products listed above.  In addition, we are restricting binding for all coverages for Boat effective immediately. 

Effective on 10/28/2020 11:47:05 AM EDT the following counties are under the restricted binding procedures within the state of Alabama. Physical Damage coverage may be written, reinstated, or otherwise bound in any counties not listed.  

Progressive State Updates 10-28-2020

This statement then lists the specific counties in Alabama where the binding restrictions are in place.

Why Binding Restrictions?

It should not come as a surprise that carriers will temporarily restrict new business and changes to existing businesses if an immediate and unavoidable weather risk is about to strike.

How long these restrictions are in place depends on each individual carrier. There is currently no time frame for lifting the restrictions currently placed in Alabama by Progressive. Typically (unless further restrictions are applied) the next notice will be an updated list of counties where the restriction remain in place.

Binding restrictions can be placed on most insurance products.

What is a Protection Class?

If you look on your homeowners, landlord, or mobile home policy declarations page, somewhere you will find the Protection Class (PC). So what does this mean and how does this affect your insurance rate?

Protection Class

Simply put, your Protection Class is a rating from 1 to 10 that represents municipal fire-protection efforts in communities throughout the United States. Lower numbers generally reflect superior fire protection.

“By classifying communities’ ability to suppress fires, ISO helps the communities evaluate their public fire-protection services. The program provides an objective, countrywide standard that helps fire departments in planning and budgeting for facilities, equipment, and training. And by securing lower fire insurance premiums for communities with better public protection, the PPC program provides incentives and rewards for communities that choose to improve their firefighting services.”

Source: www.isomitigation.com/ppc

Affects On Insurance

A general way to think of Protection Class is “in town or out of town.” Do you have fire hydrants on your street ? Is your responding fire department within five miles?

These two questions are very important in determining your protection class. Most insurance carriers will automatically find your Protection Class when validating the property address.

For example, our office is located on 13 Radford St, Christiansburg, VA 24073. We are in Christiansburg town limits. Our properties’ protection class is 5. Most in town locations in Christiansburg are a class 5, but again this is dependent on your specific address.

Protection Class is one of many factors that goes into your insurance premium. That’s why it’s important to work with an Independent Agent who represents multiple carriers to help compares rates and available coverages.

It’s important to note that some insurance carries do not offer products in higher protection classes. For example, a owner occupied homeowners policy with a protection class of 10 is not eligible with every homeowners carrier in Virginia.

https://twitter.com/DoveInsurance/status/1312045298030698498

Serving the Commonwealth of Virginia For Over 50 Years!

Working with Our Independent Agents constitutes a promise, from our family to yours. We are here to educate you on how to keep covered and secured, no matter what the future may hold.

Our family of Independent Agents will find the best package for your needs. We represent multiple insurance providers and we work for you!

No Matter Where You Live In Virginia!

Can Heat Type Affect Home Insurance?

There are numerous factors that are used to calculate your home insurance rate. Some of these are obvious, like brick vs frame, age of the roof, and when the home was built. But there are other less obvious characteristics than can affect your rate, and in some instances, your eligibility.

Types of Acceptable Heat

Electric heat (heat pumps, electric baseboard) and gas furnaces (natural and propane) are generally acceptable heating types as long as they’ve been updated/and or serviced within the guidelines provided by your carrier.

Underground fuel tanks (ex. oil tanks) are generally not acceptable for home insurance. It does not matter if the tank is used or not. Some carriers will accept underground tanks so it’s important to check your carriers’ underwriting guidelines for acceptability.

Wood stoves are acceptable in certain scenarios. Again, you’ll want to check with your carrier about acceptability for wood stoves and inserts. One item to note about wood stoves is that they cannot be the main heat source—this is generally unacceptable by the majority of insurance carriers.

We Don’t Work For Just One Insurance Carrier

At Dove Insurance, we’ve worked with our clients across the Commonwealth of Virginia for over 50 years to help them make the right decisions. By choosing Dove Insurance, you can cover any of your personal and commercials insurance needs, such as:

Home
Personal Autos
Rental Properties
Life Insurance
Flood Insurance
Motorcycles
ATVs
Boats
RVs
Classic Cars
Commercial Auto
Personal Umbrella
Condominiums
Renter’s Insurance
General & Excess Liability
Businessowners Policy
Commercial Packages
Commercial Umbrella
Worker’s Compensation

Need Insurance in Virginia? Let Us Help.

EMAIL US:   Michael Dove  |  Elaine Dove  |  Joshua Dove

At Dove Insurance Agency our family of Independent Agents are dedicated to serving you and working with your lifestyle. We’ll educate you on the coverage you need to keep your property and family secure, no matter what the future brings.

Short on time? Start an online quote with us today!

Instead of working for one big company, our family of Independent Agents represent multiple insurance providers. This allows us to compare rates and coverages so you’ll get the best coverage-to-value policy available.

We’re here to serve you.

Blacksburg • Christiansburg • Salem • Radford • Roanoke 

And the best part, we’re here for you when needs arise such as policy changes, billing questions, reporting claims, questions regarding coverage, or comparing quotes. 

Let us help.

Can You Reinstate A Cancelled Insurance Policy?

Insurance policies—home, auto, motorcycle, etc..— can cancel for many reasons. And the most likely cause is for non-payment. So can you reinstate a cancelled policy? To put simply: yes, but it depends on your carrier and the specifics of your policy situation.

For starters, personal insurance policies will cancel on the specified cancellation date at 12:01 AM of that day. For example, if your personal policy is set to cancel on Oct. 1st for non-payment then your policy officially cancels at 12:01 AM on Oct. 1st.

Depending on your insurance carrier you may be able to reinstate your policy. Typically you’ll be required to sign a statement of no loss, which if applicable states that you have had no losses since your policy has cancelled and the requested time of reinstatement.

There are many other factors that can affect the specifics of your situation. Some carriers may charge a reinstatement fee. Depending on the length of time between your cancellation and requested reinstatement, the amount to reinstate could be higher than your previous bill.

If your policy has cancelled for non-payment or is about to cancel the best advice is to contact your independent agent or insurance carrier. At Dove Insurance, we can walk you through your options.

Serving the Commonwealth of Virginia For Over 50 Years!

At Dove Insurance Agency our family of Independent Agents are dedicated to serving you and working with your lifestyle. We’ll educate you on the coverage you need to keep your property and family secure, no matter what the future brings.

Instead of working for one big company, our family of Independent Agents represent multiple insurance providers. This allows us to compare rates and coverages so you’ll get the best coverage-to-value policy available.

We’re here to serve you.

Blacksburg • Christiansburg • Salem • Radford • Roanoke 

And the best part, we’re here for you when needs arise such as policy changes, billing questions, reporting claims, or questions regarding coverage. 

Let us help.

Common Life Insurance Misconceptions

Dove Insurance Agency assists the Blacksburg, VA community, as well as the surrounding areas by offering multiple types of insurance policies. As an independent agency, we have established successful partnerships with multiple insurance providers. This allows us to help our clients regardless of their needs.

Life Insurance

Life Insurance provides a safety net for you and your family once you pass away. Term life insurance covers you over a specified period of time. The most common length of policy is between 10 and 20 years. Whole life insurance covers you throughout your entire lifespan. As you are researching different policies, please try to avoid some of the common misconceptions about life insurance that people believe are facts.

I Can Just Rely On My Coverage Provided Through My Job

While your employer may provide you with substantial coverage, it may be a mistake to simply rely on that policy. Adding extra coverage provides an additional layer of protection so that you’ll be covered regardless of any circumstances that may arise.

Single people Don’t Need Coverage

While you may be single right now, you don’t know what the future holds. It’s important to think about where you might be five years from now. Life insurance ensures that regardless of what path you take in the future, you’ll still have protection.

Stay At Home Parents Don’t Need It

This is not true. As a stay at home parent, you provide an important service that is difficult to replace. Life insurance provides a layer of protection in the event that you pass.

I Can Easily Change My Policy

Research the language in your policy carefully, as you may have to fill out paperwork in order to change a term life policy into a whole life policy, for example.

Dove Insurance Agency Can Help You

If you are a Blacksburg, VA resident, and you’re looking for help discussing your life insurance policy options, please contact us.  

What Is Depreciation Holdback?

Standard Virginia Homeowners insurance policies are written on a replacement cost valuation. So why do insurance companies sometimes use deprecation when it comes to filing a homeowners claim?

When you file a homeowners claim your insurance carrier will make an initial assessment of the damage to determine how much it will cost to repair or replace the damaged property. Since this estimate is only an estimate, your carrier may withhold a portion of that claim settlement until the actual replacement cost has been determined. An insurer will never pay you more than you are owed for a loss and if damaged property is not repaired, you may only receive the actual cash value.

Sometimes your claim settlement depends on the type of loss that occurred. For example, your insurance carrier may not pay anything until all the work has been performed on your roof after it has been damaged and no payment may be made until the roofing contractor has completed their work.

In another example, after a lightning strike your insurance carrier may pay a portion of the claim settlement up front so you can begin to replace the damaged property. With appliances (like heat pumps), it can be difficult to determine the exact value of an item that is several years old, so carriers tend to withhold a greater amount of the settlement for depreciation (depreciation holdback). After submitting receipts showing the cost and installment of the new replaced items you will be reimbursed for the difference (minus any deductible).

Depreciation holdback does not happen in every instance, but is one of the ways your claim can be processed.

Serving the Commonwealth of Virginia For Over 50 Years!

At Dove Insurance Agency our family of Independent Agents are dedicated to serving you and working with your lifestyle. We’ll educate you on the coverage you need to keep your property and family secure, no matter what the future brings.

And the best part, we’re here for you when needs arise such as policy changes, billing questions, reporting claims, or questions regarding coverage. 

Let us help