At RMS of Maryland we specialize in working to insure your real estate investments. We have several carriers that provide a variety of coverage's to meet your needs. If you own mutiple units we can utilize property schedules to make sure you stay organized wether your buying, selling, or renting.
At RMS we have also partnered with a few key Real Estate and Mortgage Firms who are investement property specialists. Please take some time to review our "Strategic Partners" which will provide valuable added-value resources.
Coverage Options We'll insure your tenant-occupied dwelling, other structures and furnishings. Additionally, we offer a landlord package that includes coverage for personal property, loss of rents and landlord liability.
Broad Eligibility We sell landlord and rental insurance policies. The following types of properties are eligible for our program: Multiple location landlord properties (including limited license corporations and corporations) Duplexes, triplexes and quads Converted Victorians Row homes Properties with up to four living units Older and lower-value homes Homes with minimal cosmetic conditions, vacant properties under renovation "Fixer-uppers."
We offer coverage which provides property coverage in the event of a loss. Property insurance covers physical loss to you property. While no insurance policy covers everything, your policy should cover a wide range of possible damages or causes of loss. Our landlord policy provides coverage on a comprehensive or named peril basis, including coverage for: Fire Explosion Lightning Windstorm* Hail damage*
Optional Coverages We offer important optional coverage that let you customize you policy. These are a few of the most popular coverage options: Replacement cost coverage on the home, Liability coverage, Coverage for theft, Coverage for vandalism, Loss of rents, and Landlord Personal Liability Coverage.
Coverage for Vacant Property If you purchase a home to renovate and rent out, or if you're between tenants and the home is temporarily vacant, we offer coverage for your vacant dwelling. We offer up to two years of coverage for vacant properties, and your policy can be cancelled at any time with a pro-rated premium return (subject to minimum earned premium).
Settlement Methods Your settlement method depends on which Foremost policy you choose and whether or not you purchase any optional endorsements. Actual Cash Value. Our base policy has an Actual Cash Value settlement. An ACV settlement is the cost to replace or repair you damaged property, with a deduction to reflect the age and condition of the damaged property. Replacement Cost . Our policy with Replacement Cost settlement reflects the cost to repair or replace damaged items with new items at today's prices. Agreed Loss Settlement. An Agreed Loss Settlement means that in the case of a covered total loss to the home, your settlement will be the Amount of Insurance listed on your Declarations Page, with no deductible on the coverage for your home, unless stated elsewhere in the policy. Extended Replacement Cost. For a covered total loss, if the cost to replace the home is more than the Amount of Insurance, up to an additional 25% of the Amount of Insurance on the home is available.
