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:
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:
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