A Landlord Needs Landlord Insurance
Landlord insurance is a kind of coverage that allows a property owner to protect his or her home, apartment, or condo from any damages that might be caused as a result of renting the property out to tenants. There are a few coverage choices offered with these policies, though the overall purpose is always for the protection of the landlord should there be any damage or liability due to renters.
Again, this insurance is exclusively designed for landlords, who are individuals (or families) who own a building like a home, apartment, condo, and so on, that is not their primary residence. It is distinctly for those properties that are being rented out to other people who pay the landlord rent. A landlord could be an individual or it could be joint property owners.
Like other kinds of insurance, landlord insurance is active as long as monthly payments, or “premiums,” are consistently made to the insurance provider. The eligible acts that are within the realm of normal coverage vary from policy to policy; it is a good idea to research what is offered and to discover what best will suit your particular situation as a landlord. If an accident occurs and damage is also a result and/or if there is also a subsequent loss of rental income, a claim can be made and pay-outs made to help financially protect your family.
There are a several kinds of coverage available for landlords and Liability is perhaps the most common of the coverage choices. This is an example where accidental damage of some kind is brought upon someone on your property. This is the coverage that will help compensate for the costs for which a landlord is liable.
Another helpful form of coverage is for rental income loss. If there is damage that results in the rental unit being unlivable, then the landlord no longer is collecting rent on those who once lived there. With rental loss coverage, the revenue lost because of this can be covered.
Personal injury coverage is also a valuable choice for the landlord. It is not unheard of that tenants might speak ill of their landlords, which can result in the loss of business. This kind of insurance also provides coverage that can compensate for lost earnings and any injuries as a result of libel, slander, and wrongful eviction, to name a few.
Items covered by the this insurance generally include structures and buildings on the property, as well as personal belongings such as washers, dryers and other appliances that are owned by the landlord but utilized by tenants.