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Protect Your Rental Properties with Landlord Insurance
Insurance for landlords typically includes two different types of coverage: property and liability protection.
By: Winston Rowe and Associates
It is extremely important for any residential investor to protect themself with high quality landlord insurance from a reputable company. One can never overestimate the benefits and importance of excellent insurance coverage.
What is landlord insurance?
A landlord insurance policy is meant to protect you as an investment property owner while safeguarding your rental properties, such as the apartments, condominiums and single- or multi-family homes that you rent to others.
Although it is not mandatory that property owners purchase landlord insurance, most lenders will require it if you are financing the property or hold a mortgage on it.
Landlord policies are designed for "non-owner-occupied"
Your policy's rental compensation coverage will typically help you maintain income if your investment property becomes temporarily uninhabitable. Most insurers will protect the landlord against loss of rent in the event of a covered loss. If a tenant or their guest gets hurt on the property, landlord insurance can cover your legal fees and any covered damages if you are found liable for their injuries.
Insurance for landlords typically includes two different types of coverage: property and liability protection. Both coverages are intended to help protect the landlord from financial losses.
Property coverage protects the actual physical dwelling and other structures, such as a detached garage or fence, when they are damaged by a covered loss. Any items that are kept onsite to maintain the rental property are also insured under your landlord policy if they are destroyed by a disastrous incident. Of course, any claims for this type of coverage are subject to your policy's deductibles and limits.
Winston Rowe and Associates prepared this article, the are a consulting firm that provides no upfront fee commercial loans. They can be contacted at 248-246-2243 or visit them online at https://www.winstonrowe.com
Winston Rowe and Associates