LANDLORD Insurance - Customer-friendly
Anyone considering renting out their property should consider purchasing landlord insurance. Most likely, you have a great deal invested in the property, and you wouldn’t want to risk losing it to a fire or trying to rebuild after a disaster without insurance.
What It Is
Insurance for landlords provides the coverage that property owners need when renting out condos, apartments or homes. This insurance provides financial help to property owners if their property becomes damaged or destroyed.
Who It’s For
Coverage is for people who don’t wish to assume all the financial risks involved when renting out the property by themselves.
How It Works
As a landlord you can choose which types of coverage you would like to purchase or work with an agent if you need helpful information.
Once the insurance is purchased, you need to make premium payments to cover the cost of insurance. If you should have to file a claim, you need to cover the deductible amount, and then, the insurance carrier will step in to cover the damages based on the limits you’ve agreed to in your policy.
Different Types of Coverage
Liability insurance coverage is an important consideration when you are a landlord. This coverage can help to protect you financially from lawsuits and medical costs if a visitor is injured on your property.
Often rental properties may have common areas with laundry rooms, swimming pools, hot tubs or playground areas. Anyone using these facilities could easily be injured and you would be responsible if they should decide to file a lawsuit.
Property damage coverage will cover the costs of rebuilding or repairing your property if lightning, fire or natural disaster strikes.