If you own a property that you rent to others, you have a need for a specialty property insurance policy that will protect your assets. Rental properties tend to be a greater risk to loss because the actual owner of the policy does not live on the premises, and this is the main reason why a specialty Landlord Insurance policy is required. The following information will educate you on what landlord policies cover, who should buy this type of plan, and the different types of coverage you can purchase with this type of property insurance so that you can make an informed purchase.
What is a Landlord Property Policy and Who Should Buy One?
Rental insurance policies are for landlords who own and manage a single property or a group of properties. This type of property insurance will cover the structure of the property and other structures on the land from listed perils like fire, wind and vandalism. It will also provide landlords with liability protection in the event that someone is injured on the property and elects to sue the owner. It is a must to buy a landlord property insurance policy rather than a standard property policy to prevent claims from being excluded as rentals are excluded from standard cover.
What Type of Coverage Are Offered?
Rental property insurance works much like a standard property policy. One of the major differences between standard policies and specialty rental policies is the coverage offered. Much like a home insurance policy, the rental policy will extent coverage to the building, but additional coverage options are designed strictly to protect the landlord and not the tenant who resides in the home.
Here is a list of the common types of cover offered by a company offering a landlord policy:
Business Property Coverage: Typically covers the home and other structures against damage caused by fire, lightning, explosion, wind and hail.
Landlord Liability: Personal liability coverage against lawsuits for damage or injury.
Loss of Rents: Coverage provided when tenants cannot live in the property due to a covered loss.
Your rental property generates you a steady stream of income. It is imperative that you take time to protect your property and your income by purchasing the appropriate type of insurance. For a limited amount of money each year, you can purchase not only peace of mind, you can also purchase protection.
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