Landlord insurance provides several important types of coverage. Depending on the insurance company you work with and the options you choose, your policy may consist of some or all of these types of insurance:
Property damage: This covers damage to your buildings and personal property due to fire, storm damage, theft, vandalism and tenant damage. Ideally, your landlord insurance will cover the replacement costs for your entire rental property in the event of a total loss.
Liability insurance: This coverage protects you against liability claims and lawsuits. Whether a tenant, visitor or even a trespasser is injured on your rental property, you could find yourself in a legal mess. Liability insurance will help cover costs associated with bodily injury claims on your property. These costs can include medical payments, funeral costs, legal fees and judgment or settlement costs. You will also be covered if you, as the landlord, are found responsible for another person’s property damage. For example, if you neglect to fix a leaking water pipe and mold damage destroys a tenant’s expensive collection of vintage albums, a liability claim can be filed against you by the tenant.
Loss of income: This insurance will help compensate you for 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, or “rental reimbursement,” will prevent you from losing the income you would have had if you were collecting rent.
- Dwelling policies for 1, 2, 3 and 4 family homes
- Comprehensive packages that protect a landlord’s investment properties and personal assets from lawsuits
- Policies for both apartment and business buildings
- Apartment complex and building insurance
- Insurance for commercial properties such as offices
Additionally, we are licensed in 11 states. Give us a call or email us today to discuss how we can assist you!