Many homeowners who rent their property, assume that their homeowner’s insurance will cover the losses incurred due to theft/ natural calamity or any other disaster. However, that is not true. Your home insurance will not cover a property that you do not reside in and that is why you need a Landlord’s insurance.
Core coverages of this insurance are property damages, loss of rental income due to the property remaining vacant, and liability protection.
The policy will typically cover standard dangers such as fire, lightning, explosion, storm, theft, etc. Since each policy is different it may or may not include all these items. If you take optional coverage it might even include accidental damage, intentional damage by tenant, terrorism, alternative accommodation costs, legal protection, rent guarantee insurance and liability insurance.
Landlords’ insurance policies normally do not cover any personal property of the tenant; although a liability policy that is to protect a landlord or property manager may benefit the tenants should they incur a loss for which the landlord is responsible.
Extra Landlord Coverages to Consider:
Depending on your geographic location, neighborhood, and rental property condition you may look at considering some more coverages to your existing landlord policy. These may include:
Vandalism
If your property gets vandalized, you may need extra coverage to pay for all the repairs. Vandalism damage typically is not covered by a regular landlord insurance policy unless you buy vandalism coverage.
Burglary
To replace the stolen items, you will require additional coverage as your traditional landlord policy will only cover to help you pay for the damage caused due to a break-in. For theft of household items that you keep on the property for maintaining it, such as appliances like a vacuum cleaner or a lawnmower, an additional cover may help.
Rental property under construction
If you are renovating your rental house or building a new dwelling you may like to purchase additional coverage to protect the structure until it is ready to be occupied by your tenants.
Building codes
In case you’re replacing or repairing a part of your rental apartment after it has been damaged, you may legally have to upgrade items like wiring or ventilation as city codes may have changed since the time your house was originally built. This coverage will help get you reimbursement for those additional costs.
Get in touch with EZ Online Service to learn what optional coverages may be useful and applicable to you as a landlord
Landlord Liability Protection
The liability part in a landlord insurance policy may help you pay for another person's medical bills, your legal expenses if someone else is injured on your rental premises and you're found responsible.
For instance, if your tenant's child falls down the stairs at your rental house and the court determines that because you failed to maintain the stairs the accident has occurred, you could be held responsible for all your tenant's medical bills and legal costs. In such a case, your landlord liability coverage may help pay for those expenses.
Let EZ Online Services help you choose a policy that will fit your needs. Protecting all your assets, whether business, personal or both, is our primary goal. An insurance policy chosen by an expert can lessen the impact of some of life’s most common, yet unforeseen accidents.
