Does a landlord/rental policy cover both physical damage and liability cases?
What is Landlord/Rental Insurance?
Landlord/Rental insurance is a type of specialized insurance plan designed to help protect rental property owners from everyday risks associated with managing rental properties. This type of insurance provides protection for situations such as property damage due to fires, vandalism, and other unexpected events, as well as liability coverage in the event of injury or death on your property.
What Does Landlord/Rental Insurance Cover?
Landlord/Rental insurance typically covers the following:
- Property Coverage – reimburses the cost of property repair/replacement after an unexpected event such as a fire or flooding.
- Liability Coverage – covers the cost of any lawsuits or medical bills that arise from an accident on the premises.
- Lost Rent Coverage – reimburses the landlord for rent lost due to damage to the property or tenant default.
- Legal Expenses Coverage – covers legal fees associated with defending a lawsuit related to the property.
Who Should Consider Landlord/Rental Insurance?
Landlord/Rental insurance is recommended for anyone who owns rental property or plans to invest in rental properties in the future. Protecting your assets with insurance can provide peace of mind that your assets are secure, even in the face of unexpected events.
If you’re a current rental property owner, it may be well worth your time to review your current policy and make sure you have adequate coverage for your rental property. If you’re considering investing in rental property, be sure to include Landlord/Rental insurance in your budgeting calculations.
No matter your situation, Landlord/Rental insurance is an important consideration in protecting your investment.