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Landlord Insurance

Overview

Landlord insurance is specifically designed for those who own residential properties that are rented out to tenants. Rather than providing insurance coverage for the renters, this insurance is offered for the protection of the landlord’s interests. The rental properties can be apartments, condos, townhomes or single-family homes; they all come under the protection of landlord insurance.

These policies are designed to protect a rented residential property from any damage that may occur as a consequence of natural events or by a man-caused action. The normal policy will protect the major structural aspects of the property, such as the foundation, plumbing, doors, windows, roof and more. Also, any exterior builds like fences, gates or walkways can also be covered under this kind of insurance plan.

How it works

Landlord insurance is similar to other insurances in that monthly premium payments are made and when a claim is filed, deductibles applied prior to receiving the benefits. All these aspects determine the final annual policy costs for the rental property owner. Claims can be made in order to properly repair structural damage, as well as any other items like appliances, sheds and other valuable personal items that are landlord-owned but used by tenants.

What it does

Landlord insurance works by providing financial protection for their rental property asset. The greatest amount a policyholder can receive is directly related to the market value of the covered property at the time of its loss. This type of coverage can pay out for property damage as a result of weather-related events like severe thunderstorms, tornadoes, hurricanes and snowstorms. With this policy coverage, accidental fires, arson, even vandalism and other purposeful acts of destruction can be covered under a landlord insurance policy.

Benefits

The big plus in carrying good landlord coverage is being able to count on compensation for lost income if a tenant needs to be evicted or if the property is rendered uninhabitable due to disaster or accident. Should tenants damage a rental property, having this coverage means the owner doesn’t have to worry about any out-of-pocket expenses for repairs. Mostly, the benefit comes from the peace of mind inherent in knowing that one of one’s greatest assets is protected.






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