Property investors who lease homes, condos, and apartments to tenants often purchase landlord insurance to protect those investments. If you are a new owner of a rental property, or you want to compare landlord insurance quotes to find a better deal, the following information and tips may help you.
First and foremost, know that an independent agent at InsureMart Inc. can help you compare quotes and obtain the right coverage for your property. No two rental properties are alike, and it is important to get the right level of coverage based on your specific risks and the type of real estate you own.
Basic Landlord Insurance Coverage
You might think of this policy as homeowners insurance for landlords. As with homeowners insurance, your policy will cover the structure itself, in the event that it is damaged by any number of causes, such as storms, fire or malicious acts. The policy will also typically provide liability protection to cover injuries to anyone on the premises in the event that these injuries are deemed to be your fault or the result of negligence on your part.
A basic landlord insurance policy will typically include:
- Building insurance for damage to structures such as the rental home or apartment complex, as well as sheds, garages, fences, retaining walls and swimming pools. Building coverage also usually includes any gardening and maintenance tools and equipment you personally own for maintaining the property.
- Liability coverage for accidents and injuries that may occur on the premises.
One key difference between home insurance and insurance for landlords is that you typically do not need to insure personal property such as clothes and jewelry. Your tenants are responsible for insuring their own belongings with renters insurance, your coverage does not need to include personal property insurance, except to cover tools and other items associated with your property maintenance.
If, however, you are leasing a furnished home or apartment, you will need to purchase contents coverage for the belongings in the leased space.
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