If you intend upon owning rental property anytime soon, whether it be a single family home, a condominium or apartment complex, your building is likely the most valuable investment that you will ever make. Buying proper insurance coverage will protect your valuable investment as well as making sure that your tenants’ homes will be rebuilt after an unfortunate and unexpected covered event like a fire or other potential disasters. This coverage can also protect you from claims of liability claims and lawsuits and can help in replacing any lost income due to such disasters. It is perhaps one of the smartest moves you can make for your rental property.
Landlord insurance is offers coverage for property owners who rent out houses, condos or apartments. It provides protection from financial losses resulting from events such as criminal break-ins, fire, severe acts of nature and other disasters. It can also provide compensation for a landlord’s loss of income should a unit become uninhabitable due to uncontrollable circumstances.
Landlord insurance policies provide protect from damage done to your property but it also protects you from any claims of liability as well. In the example of property damage, this kind of policy can pay out for any repairs and damages or even for the rebuilding of your rental property. It can also provide compensation for any lost income when your rental property becomes uninhabitable. Some policies even pay for damages done by a tenant. In the event of landlord liability issues, it can help pay for any injuries in the event that you are deemed responsible, like a guest slipping on a wet walkway or falling on a broken stairway.
There are many different kinds of coverage that are available to landlords. Some include the following: Property coverage helps with damage to structures and personal property as a result of fire, storm, theft or vandalism damage, and tenant damage. Loss of income coverage is what helps with compensation for loss of income if your rental property becomes unlivable. Liability insurance is what protects you from liability claims and lawsuits should a tenant, guest or trespasser be injured on your property. Some optional coverage includes natural disaster insurance, landlord contents insurance and even employee liability coverage.