If you are considering renting out your property, do not forget to protect your property with landlord insurance, which provides you with the coverage you require to protect your building from damage while protecting you from personal and legal liability.
Landlord Insurance Coverage
If you own a property or condo and rent out and lease the same, it is important to take this insurance coverage because it is a huge investment for you, which must be protected against damages or losses. The insurance policy covers
- your rental building
- any personal belongings stored on-site, such as appliances, tools, furniture
- property or equipment given by you for your tenant’s use
- private structures, including shed, garage
Commonly known as buy-to-let insurance, the landlord insurance policy may also include personal liability insurance, buildings cover, litigation expenses cover, and loss of rent or vacant premises cover.
The policy typically covers you against damage to your rental property or condo by fire, flooding, smoke, subsidence, sewage backflow, or burst pipes. The insurance may also cover you if your property lies vacant.
- Liability Protection: If somebody gets injured or hurt on your rental property, you are covered against lawsuits arising from covered losses. You may even get coverage for medical expenses incurred by someone that gets hurt on your property.
- Loss-of-Rental-Income Coverage: If your rental property is not in a condition that it can be rented out as a result of a disaster like fire, you would be reimbursed for such loss of rental income for the time your property is being repaired or rebuilt.
- Legal Defense: The insurance policy will protect you if somebody sues for a covered claim and pay document preparation fees, attorney fees, and other related expenses.
- Water Backup Coverage: You’re protected if there is any damage to your rental property and its contents from water backups from drains, sewers, and sump pump wells.
Landlord insurance policy may also protect you and your spouse against wrongful eviction or entry, personal injury, or non-bodily injury claims, including libel, slander. While looking for this type of insurance, try to find out an insurance provider that offers exciting discounts available on multiple insurance coverages.