Are You a Landlord? Consider and Learn About Landlord Insurance

If you’re using property as a source of income, it is essential that you obtain protection against potential loss. Here is what Landlord  insurance typically includes two different types of coverage: property and liability protection. Both coverages are intended to help protect you, the landlord, from financial losses.

LANDLORD PROPERTY PROTECTION

The property protection in a landlord insurance policy typically helps cover physical property related to the home you’re renting out. This may include the dwelling itself and equipment you keep on site to help maintain it. Coverage generally includes:

  • Dwelling
    Payments to  repair your rented home, condo or apartment if it’s damaged by fire, lightning, wind, hail or other covered losses.
  • Other structures
    This part of your policy helps pay to repair detached structures on your rental property, such as detached garage or fence.
  • Personal property used to service the rental
    If you leave a lawnmower or snow blower onsite to maintain your rental property, landlord insurance may help cover this equipment if it’s damaged. However, if you leave your personal bike or DVD player at the home you rent out, it likely won’t be covered under your landlord policy.

All of the above types of coverage are subject to the deductibles and limits stated in your specific landlord policy. Your deductible is the amount you’ll pay for a covered loss before your landlord insurance kicks in. =

LANDLORD LIABILITY PROTECTION

This helps you pay for another person’s medical bills or your legal expenses if someone else is injured on your rental property and you’re found responsible.

For example, if your tenant falls down stairs at your rental property and a court determines that you failed to maintain the stairs and/or railing, you could be held responsible for your tenant’s medical, legal and other costs. In that case, your landlord liability coverage may help pay for those expenses, up to your policy’s limits. You typically won’t pay a deductible for a liability claim.

EXTRA LANDLORD COVERAGES TO CONSIDER

Depending on the neighborhood, geographic area or condition of your rental, you may want to consider adding on some optional coverages to your landlord policy. These y include:

  • Vandalism
    Helps pay to repair vandalism damage. If your property is vandalized, that type of damage typically isn’t covered by a traditional landlord policy unless you purchase vandalism coverage.
  • Burglary
    While a standard landlord insurance policy may help pay to repair your home if it’s damaged in a break-in, it typically won’t pay to replace stolen items.
  • Rental property under construction
    Are you gutting or renovating your rental or building a new dwelling? You may be able to purchase additional coverage to help protect the structure until it’s ready to be occupied.
  • Building codes
    If you’re repairing or replacing part of your rental after it’s been damaged, you could be legally required to upgrade items like wiring or ventilation, per the International Risk Management Institute. This is because city or county codes may have changed since your property was originally built. This coverage may help reimburse you for those additional costs.

Let Uniamericainc.com help you with insurance today!