If you own rental property, your building is likely the most valuable investment that you will ever make. Landlord insurance offers coverage for property owners who rent out houses, condos or apartments. It provides protection from financial losses resulting from events such as criminal break-ins, fire, severe acts of nature and other disasters. It can also provide compensation for a landlord’s loss of income should a unit become uninhabitable due to uncontrollable circumstances.
Some policies even provide protection from damages done by a tenant. In the event of landlord liability issues, your insurance can help pay for any injuries in the event that you are deemed responsible, like a guest slipping on a wet walkway or falling on a broken stairway.
There are many different kinds of coverage available to landlords. Property coverage helps with damage to structures and personal property as a result of fire, storm, theft or vandalism damage, and tenant damage. Loss of income coverage is what helps with compensation for loss of income if your rental property becomes unlivable. Liability insurance is what protects you from liability claims and lawsuits should a tenant, guest or trespasser be injured on your property. Some optional coverage includes natural disaster insurance, landlord contents insurance and even employee liability coverage.
Buying proper insurance coverage will protect your valuable investment as well as making sure that your tenants’ homes will be rebuilt after an unfortunate and unexpected covered event. This coverage can also protect you from liability claims and lawsuits and can help in replacing any lost income due to such disasters. It is perhaps one of the smartest moves you can make for your rental property.