Landlord Insurance Policies
If you own rental property, then landlord insurance is for you. It provides protection from losses due to injury or damage on your property. The insurance covers the rental property, including structures such as garages and sheds. It also covers personal belongings that you own. For example, furniture in common areas, appliances that come with the property, tools, and lawn equipment could be protected. It also covers medical expenses for accidents that occur on the property. Landlord insurance is not for tenants, and does not cover their loss. Tenants need their own insurance policy.
Specific Types of Coverage
Landlords need to protect their investment. This can be done by tailoring an insurance policy to suit specific circumstances. Liability coverage is one of the most important types of protection. If nothing else, a landlord should have liability protection. If a person brings a lawsuit against the landlord, then liability coverage will take care of the claims if it concerns the property.
Fair rental value compensates the landlord for loss of rental income, in case the property must remain empty. Inflation protection automatically accounts for inflation when dealing with repairs.
Landlord insurance eases the blow when disaster strikes. A premium is a small price to pay for the protection of financial coverage. Vandalism, theft, storm damage or nasty falls will not cause a landlord to lose much money if landlord insurance is in place. Lacking adequate coverage can lead to huge out of pocket expenses. Landlords with comprehensive coverage know their financial losses will not be a burden.
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