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Landlord Insurance

What Is Landlord insurance?

Landlord insurance provides coverage for property owners renting out one or more residential homes, apartments, or condos. As a landlord, you need protection from financial loss that may result from damages to a rental property due to fire, break-in, severe weather and more. You can get insurance to help cover loss of income in the event that your rental units become uninhabitable due to circumstances beyond your control.

To get information, advice, and to find the right coverage to match your needs, contact us today. A member agent can guide you in the right direction with free insurance quotes from several different insurance companies and help you find the landlord insurance plan that makes the most sense for you.

What Does Landlord Insurance Cover?

A landlord insurance policy will not only help to protect you and your tenants financially, it will also help keep that sweet revenue stream flowing, because a tiny blockage or expense could send you into foreclosure.

A landlord insurance policy can include the following and more:

  • Property damage: Protects goodies like the actual building, swimming pool and maintenance equipment if it’s damaged due to fire, severe weather, or burglary, among others.

  • Liability coverage: This will help save your rump (financially) if someone slips and falls on theirs, as well as a number of other accident scenarios.

  •  Loss of income: This will help reimburse you/your revenue stream should your rental property be declared unlivable for your tenants.

  • Legal fee coverage:  Which will help cover those very not-cheap lawyer fees if a legal claim is filed against you.

  • Umbrella liability coverage: This will extend your liability protection to cover injury, damage and legal fees.

  • Workers’ compensation: Helps to pay fees, bills and expenses if a maintenance employee is injured on your property.

What Is Renters Insurance?

Basically, it’s a contract between you and an insurance company, where the insurer will help to pay the tab if you, a visitor or your personal goodies get damaged due to any number of causes.

What Does Renters Insurance Cover?

Your everyday, garden-variety renters’ insurance policy typically involves 3 basic types of coverage.

A renters’ insurance policy can include the following:

  • Personal property coverage: This will help pay for the cost of replacing damaged or lost goods.

  • Liability coverage: This will help to cover legal defense costs and medical bills for you or a visitor. 

  • Additional living expense (ALE) coverage: If the rental property is too messed up to live in while it’s being repaired, some policies will pay for a hotel and other living expenses, like groceries.

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