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What you need to know about landlord insurance
With more than 11 million landlords in the us, new rental homes and apartments hit the market every 80 seconds. As a landlord, you’re responsible for finding good tenants and the properties upkeep and maintenance. What happens if one of your properties is damaged during a story, vandalized, or someone is hurt while living in the rental property? Landlord insurance protects you from this and a number of other scenarios.
Regardless if you own one or multiple rental properties, a landlord insurance policy gives you the protection you need to be able to rent your properties with confidence. Essentially, landlord insurance provides coverage for property owners renting out one or more residential homes, apartments, or condos. As a landlord, you’ll need landlord insurance as an extra hedge of protection from financial losses that can happen to your rental properties (fire, break-in, severe weather and more). Landlord insurance helps cover loss of income in the event that your rental units become uninhabitable due to circumstances beyond your control.
What Does Landlord insurance cover?
Property damage: the insurance covers any damage to your buildings and personal property due to fire, storm damage, theft, vandalism and tenant damage. In the event of a total loss, your landlord insurance will cover the replacement costs for your entire rental property.
Liability insurance: protects you against liability claims and lawsuits. If the situation happens where a tenant, visitor or even a trespasser becomes injured on your rental property, you could be liable and find yourself in a legal mess. You will also be covered if you, as the landlord, are found responsible for another person’s property damage. For example, if one of your properties had a leking water pipe and mold damage destroys a tenants valuables, a liability claim could be files against you by your tenant. Landlord insurance protects you from being liable in this situation.
Loss of income: This insurance helps compensate you for a lost income in the event that a rental property becomes uninhabitable due to a covered loss (such as a storm or apartment fire). Your loss of income coverage (called “rental reimbursement”) will prevent you from losing the income you would have had if you were collecting rent.