Landlord insurance is a very important policy for those who own a building and rent out spaces to other people. Whether you rent out your homes, apartments, or condos, you will want to have an insurance policy that protects you and your building. Landlord insurance consists of two types of coverage: property and liability. To better know how landlord insurance can better protect you when you rent out living spaces to other people, Signet Insurance Group will break down Landlord insurance.
Landlord Property Insurance Coverage
With a landlord insurance policy there is property protection which covers the physical property. Landlord insurance is a policy that fits a renting out scenario. Homeowners insurance is not tailored for a renting scenario. A landlord insurance policy includes the dwelling and equipment that is part of the home and helps to maintain them. A landlord insurance property coverage includes:
Dwelling – This coverage will help pay for any repairs caused by fire, lightning, wind, hail and other losses to the home, condo, apartments or building.
Other Structures – When there are detached structures or fences on the rental property, repair to them will be covered under this part of the coverage.
Personal Property/Equipment – If you have a lawnmower, snow plow or blower and other equipment on site that is dedicated to the care of the property, they are also covered. However, this doesn’t include furniture, bikes, or entertainment systems which are not covered.
All of the elements that are in the property coverage are subjected to a deductible and limits which will be stated in the landlord policy. The deductible amount will be paid before the covered loss insurance kicks in. Each policy will have a limit of how much money will be given to cover the cost or losses. Make sure you know the details of your property coverage as well as the deductible and limits.
Landlord Liability Insurance Protection
The second part of a landlord policy is the liability protection coverage. Liability protection covers the cost of legal and medical bills if a person was injured on your rental property and you were found at fault. For example, if a person fell down the stairs due to a faulty rail or step, you will be at fault. Legal action will be taken against you. The liability protection coverage will help cover the legal costs and if you are found responsible, your insurance will cover the cost of the injured person’s medical bills. When it comes to a liability claim, you don’t usually have to pay a deductible, but your liability policy will have limits.
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Depending on your landlord policy, certain things may or may not be included. Again, you will want to look over your landlord insurance policy. If certain elements are not included, often you can add them on. Some recommended add-ons if they are not already included would be coverage for vandalism, burglary, rental property construction, and building code updates.For those who are renting out their home, a townhouse, condo, or apartments, you will want to make sure you have proper coverage and protection. For landlord insurance and more, contact Signet Insurance Group today.
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