LANDLORD INSURANCE

Many people who choose to rent out their residential property assume their Homeowner’s insurance will cover any damage or accidents. However, this is not the case. Most Homeowner policies only apply to owner-occupied homes, meaning the property owner must reside in the home. Once you decide to rent out your property, your Homeowner’s policy no longer provides coverage.

This is when a Landlord insurance policy becomes a necessity. While Landlord insurance and Homeowner insurance policies are similar, there are some key differences to note:

• Similar to a Homeowner policy, Landlord insurance offers property damage coverage for your rental property. There are various types of property damage coverage available. To ensure your property is fully insured without the risk of depreciation, consider asking for a Guaranteed Replacement Cost policy. While it may be slightly more expensive than an Actual Cash Value policy, it guarantees that you’ll be restored to pre-loss condition in the event of a total loss.
• A unique feature of Landlord insurance is rental income loss coverage. If your property becomes uninhabitable due to flooding, mold, or other covered losses, this coverage will compensate you for the rental income you would have earned while the property is being repaired.
• Liability coverage is another essential component of Landlord insurance. If a tenant or guest is injured due to a maintenance issue on the property, Liability coverage will cover the medical expenses from the injury. Without this coverage, the landlord would be responsible for paying these costs out of pocket and could even face litigation, potentially leading to expenses far greater than just the medical bills.

The best way to fully understand the options available with a Landlord insurance policy is to speak with a licensed agent in our office. We can help assess your insurance needs and provide you with quotes from multiple top insurance companies.

Get A Quote For Your Landlord Insurance Today

Our licensed team is here to help you obtain multiple Landlord Insurance quotes. As an independent insurance agent, we can compare options from various insurance companies to find the right coverage at the best price for you.