Rental Property Insurance
Whether you own one rental property or 20 or more, rental property insurance is crucial. Rental property owners have much to deal with, and legal troubles should be the last thing on your mind. It’s always risky letting others live in your home or on your personal property – you just never know what the tenants will do.
When you have enough insurance, though, it’s not a problem. Things like legal fees and personal liability are covered. A basic landlord insurance policy will cover you for most standard things, but if you need additional coverage you may want to go through a good insurance broker.
What is Rental Property Insurance?
It’s no secret that you should have it, but what does rental home insurance cover, exactly?
Vandalism
While your process to find new tenants is hopefully thorough, you just never know what could happen. Vandalism insurance protects you in the case of damage caused by deliberate vandalism.
Theft
You’ll be covered in the event your tenants try to steal anything within the home or property that belongs to you.
Nonpayment
This covers you in the event your tenants cannot or refuse to pay. It may also cover legal fees associated with recovering the lost rent.
The Basics
There are many different landlord insurance policies out there with a range of different coverage options. A basic landlord insurance policy always has adequate coverage for standard things. There are two basic categories to consider: property and liability. A basic rental property insurance policy will offer protection to the building and other physical structures. This includes damage to any building or structure on the property as a result of fire, wind, lightning, or other harsh weather conditions. This includes garages, fences, and more. This also applies to personal belongings of the landlord that remain on the property for proper function and maintenance, such as a lawnmower, snow blower, or gardening equipment. A good policy will also offer liability insurance. This covers medical bills and legal fees that come as a result of injury or damage that the landlord is deemed at fault for.
Fair Rental Income
This is helpful in the event your rental property is too damaged to lease again after a certain tenant is done. You’ll get compensated for any income you would or could have received while repairs are done.
This list of extras isn’t exhaustive, but it gives you an idea of the unique insurance and additional coverage you can get if you want.
Find The Best Rental Property Insurance
If you’re a landlord just diving into the word of renting, let us help you find the perfect property insurance policy.
Whether you’re renting out a house or an apartment or any other type of unit, you want good coverage. Let us add you to the list of many landlords we’ve connected with the best landlord insurance quotes.
