For those who own rental properties, landlord insurance is a high priority for protection from litigation and possible significant financial loss. This kind of insurance provides protection from all kinds of losses, including those due to injury or physical property damage. This type of coverage usually protects the rental property and any additional structures that are on the property, including garages, pool houses, and sheds, and any personal items owned by the landlord. Personal property such as furniture, appliances, tools, lawn equipment, and art pieces could all be covered as well. Additionally, should any kind of an accident occur on the property, this kind of a policy would cover any medical expenses incurred. It is important to keep in mind that landlord Insurance will not cover the personal items of any of his or her tenants. Renters would need to obtain their own, separate insurance policy in order to be compensated for any of their own losses.
Rental property is a huge investment and it is incumbent upon Landlords to assess their coverage needs and to protect their assets. One of the smartest and easiest ways in which to do so is by designing an insurance policy to meet their specific needs and circumstances. One of the most basic and important policy items is liability coverage and should always be included in one’s coverage. Should damage or injury happen on the landlord’s property, liability coverage is what handles any filed claims against the property owner. Another helpful option is what is called “fair rental value,” which allows the landlord to be repaid for loss of rental income should the property become unlivable. Another coverage option is “inflation protection” which automatically provides an accounting for the cost of inflation for repairs undertaken by landlords.
In order to soften the blow when an accident or tragedy strikes, landlord insurance can be a must-have. One can never know when the need for insurance protection can come into the fore. In pondering the many possible outcomes of an accident on one’s property, a premium paid is a small sacrifice in the overall scheme of things and would be well worth the monthly payments should the unexpected occur. From vandalism to burglaries to storm damage or even an injury due to a fall, insurance for landlords is what provides financial protection and incredible peace of mind. In being bereft of adequate coverage, it can equate to huge out-of-pocket costs. When one decides upon comprehensive coverage for one’s rental property, one can rest assured that any financial losses will not be a bank account buster.