Landlord insurance is for owners of rental property. In order for the landlord to get coverage, the property must frequently have tenants. The policy might include personal contents provided by the landlord. But it won’t cover items belonging to tenants. Coverage is for commercial and residential property.
Landlord insurance covers events such as fires, tornadoes, and vandalism. Should damage occur, then the policy will help the landlord make repairs or replacements. Some policies also will cover a portion of the landlord’s income should the property become temporarily uninhabitable.
A landlord can get coverage for more than one property. It helps to have all coverage with the same insurer. Some insurers provide discounts to people who have several properties covered. But most importantly, the landlord must understand what the policy covers. Landlord insurance usually has liability as well as coverage for the building and grounds.
Liability is important because it helps if the landlord is sued for negligence. This can happen if someone is hurt on the property, and the landlord is found legally responsible. Liability will help pay related expenses, up to the limits of the policy.
Landlord insurance is a smart investment for anyone who owns rental property. Without it, a landlord could face ruin should something catastrophic occur on the property. Liability lawsuits can cost a fortune as well. If you’re a landlord, it’s in your best interest to have the best coverage you can afford.
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