Landlord Insurance Policy
Are you planning on owning rental property anytime soon? Whether it is a house, condominium or apartment complex, your building is one of the most valuable investments that you can make. Buying insurance helps protect your valuable investment as well as ensuring your tenants that their homes would be rebuilt after unfortunate events such as fire and other disasters. It can also protect you from liability claims and lawsuits as well as replacing any lost income due to a disaster. It is one of the smartest things you can do for your rental property.
What is landlord insurance and who is it for?
Landlord insurance is insurance that provides coverage for property owners that rent out houses, condominiums or apartments. It is protection from financial loss due to events such as break-ins, fire, severe weather and other disasters. It can also cover loss of income to the landlord in the event that the unit becomes unlivable due to circumstances beyond your control.
How does this type of insurance work?
Insurance policies for landlords protect you from damage done to your property as well as liability claims. In the case of property damage, this policy can help repair any damages or rebuild your rental property. It can also cover any lost income for when your rental property become unlivable and some policies pay for tenant damage. In case of landlord liability, it can pay for any injuries attained by events that you are responsible for such as a guest slipping on an icy walkway or a broken stairway.
What are the different types of coverage available to landlords?
There are several different types of coverage that are available to landlords and among those types include:
Property coverage covers:
•Damage to buildings and personal property due to fire, theft, storm damage, vandalism and tenant damage
•Loss of income that will help compensate for loss of income if the rental property become uninhabitable
•Liability insurance that protects you from liability claims and lawsuits in the event that a tenant, visitor or trespasser is injured on your property
•Optional coverage such as natural disaster insurance, landlord contents insurance and employee liability insurance