Renting out a home might look like a small task, but there are a lot of factors involved, and taking care of each one is a thing of responsibility. One such often neglected aspect is landlord insurance. If you are a landlord, first time keeping tenants; this article will help you buy landlord insurance and detail its many advantages.
What is the Landlord Insurance?
Landlord insurance is designed to protect you from the liability of keeping tenants and cover your property against any physical damage. Landlord property protection cover includes the following:
Dwelling: if the tenants leave your rented home damaged by fire, lightning, wind, etc, this coverage helps you cover the repair cost.
Other structure damage: detached structures need repair too; like the garage or the fence. This part of the policy will cover damage repair to any detached structure on your rented home.
Personal property on the rental: equipment used to maintain the rental property like the snowblower or lawnmower might be left on the rental property for its maintenance. This policy will cover any damage to such equipment by the tenants. Personal belongings like your vehicle or speakers might not be covered.
These aspects are covered subject to deductibles and limits mentioned in your landlord policy. Limit
refers to the maximum amount that your policy will pay after a covered loss.
Landlord liability protection
What is landlord liability protection?
Landlord liability protection helps you cover any damage or injury caused to the tenant or any person living in your rented house. For example, if your tenant falls on the stairs; you might be held responsible for not taking safety measures to build the stairs etc. you might be held liable for his medical and legal cost if any. In this scenario, the landlord liability protection will help you pay for any such expenses.
Additional coverages for landlords
You might want to consider more coverages to your landlord policy depending on your neighborhood, geographic area, and the condition of the property you are renting out:
Vandalism
Vandalism is not covered under traditional landlord policy. If you do not have this coverage, you will have to pay the complete amount if your property is vandalized. You may want optional coverage to help you pay to repair vandalism damage.
Burglary
A standard landlord insurance policy might repair your home if it is damaged due to burglary. But it might not repay the loss of the stolen amount if you do not have burglary coverage in your policy.
Rental property under construction
Rental property under construction is liable too. You can purchase additional coverage to protect and cover any damages to this renovating property.
What does the Landlord insurance not cover?
Landlord insurance is capable of paying for a lot of accidental and damage losses. Here is a list of what all is not covered by landlord insurance.
- Maintenance and equipment breakdowns
- Property you share
- Tenants’ belongings
In the digital world, all the information is available online. If you have planned to purchase a landlord quote, check out the Safeco landlord insurance quote online here https://generalliabilityinsure.com/personal/safeco-landlord-insurance-reviews.html to get all the required information.
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