Should you be a landlord, it is in your best interest to seriously take a look at the many options for landlord insurance. Some landlords erroneously assume that they are adequately covered by their homeowners insurance policy, but this can be an expensive misunderstanding should an accident or injury occur.
With so many people becoming “landlords” now as they rent out their homes, apartments, and extra rooms to bring in some extra needed money for bills, it is becoming increasingly obvious that additional protection is needed. For folks who are sharing their home with a tenant, a rider may be enough to give them the right level of coverage. Should the tenant live on a different piece of property though, landlord insurance will be essential. This category includes situations in which the landlord dwells in his or her own unit in the same complex.
This type of insurance coverage is designed to cover a residential property from any damage that may occur as a result of natural events or some kind of action that is caused by man. The usual policy will cover all major structures and constituent parts on a property such as foundations, plumbing, doors, roofs and windows, and more. Also, any exterior aspects such as fences, gates or walkways could also be under the coverage this type of insurance plan.
Landlord insurance, in a nutshell, is designed to protect the landlord’s interests. Be it rental properties apartments, condos, townhomes, or single-family homes, they all can be covered by this insurance. It is similar to other insurance in that monthly payment of premiums and deductibles are all integral to these kinds of plans- This all determines the final annual policy costs for the rental property landlord. A claim may be filed to receive compensation to properly repair structural damage or any detached items like appliances, sheds and other valuable personal items belonging to the landlord but used by tenants.
In obtaining proper insurance coverage, landlords may enjoy the priceless peace of mind that comes in the knowing, for example, that you can receive compensation for any lost income if you need to evict a tenant. When renters need to be moved out of property rendered uninhabitable as a result of disasters and accidents, a landlord has the ability to file a claim and receive compensation that is equal to the amount that would have been collected from tenants had the destructive event not happened. If tenants damage a rental home or apartment, with this coverage the owner doesn’t have to concern him or herself with the extraordinary out-of-pocket expenses for repairs. Landlord insurance is a smart move for these property owners. Call us today for more information!