Landlord insurance is like homeowner’s insurance, except it’s specifically for landlords and their rental properties. The policies usually cover the property, the building, public areas of the building and any property in rental units belonging to the landlord. This type of policy does not cover property belonging to the tenants. It is specifically a policy to cover the landlord’s interests.
This insurance is for landlords. Landlords are people or a group of people who own a home, apartment or condo that they rent to tenants. It is not their primary residence, but is used to house other people who pay to stay there.
Landlord insurance requires a monthly payment, just like other insurance. As long as these premiums are paid, there is coverage for a variety of issues. Eligible issues that can be claimed depend on the policy. It’s important for a landlord to know exactly what is covered by the policy. When damage occurs or income is lost, then a claim can be made for reimbursement if the claim is approved by the insurance company.
There are different insurance options available to landlords. Liability is the most important, as tenants often have visitors coming in and out of the building. Liability covers expenses when the landlord is blamed for a person being hurt on the property. It may pay medical expenses or cover costs for a lawsuit. This coverage will help pay expenses the landlord is liable for.
There is also coverage for rental loss. If damage causes the property to become uninhabitable, then that means that tenants are no longer there and paying rent. The lost rent can be covered by rental loss coverage.
Any landlord should consider landlord insurance. A landlord who doesn’t have insurance is taking a big risk. Without coverage, the landlord will have to cover things such as property structures and buildings, as well as any personal property, such as washers, dryers, and kitchen appliances, out of pocket when something goes wrong.