Landlord Insurance

How to Find the Best Landlord Insurance

If you own a property that you are renting out or you are sharing accommodations with a renter, you need a landlord insurance policy. While law does not require it, it is wise to carry landlord insurance if you are managing a property and collecting rent.

What is a Landlord Insurance Policy?

There are many things you want to be prepared for as a landlord, such as fires, vandalism, natural disasters, and liability claims. If your property experiences damage and you don’t have landlord insurance to cover it, those costs come out of your pocket. It’s important to understand that your homeowner’s policy most likely won’t cover damage to your rental property or provide coverage for liability claims. A landlord insurance policy helps to fill in these gaps so that you are covered to the necessary extent.

What is Included in a Landlord Insurance Policy?

As a landlord, protection from financial loss is necessary, especially since it can occur in many ways. Landlord insurance provides options for various forms of coverage. Here is what’s typically included in a Landlord Insurance Policy:

  • The structure of the property (rental home or apartment complex) from circumstances such as fires, storms, tenant damage, break-ins or malicious acts.
  • Sheds, garages, appliances, swimming pools, fences, retaining walls, and any gardening and maintenance tools owned for maintaining the property.
  • Protection to cover injuries that occurred to anyone while on the premises that are deemed to be the result of your negligence. If the property you are leasing is deemed uninhabitable due to a covered loss, you can be reimbursed for the income you will lose since no tenants are paying rent.

Additional Landlord Coverage to Consider

As a landlord, you can buy additional coverage to cover your personal property items on the premises. Landlords typically do not need to insure tenant’s personal property such as clothes and jewelry because they require tenants to purchase renters insurance. If you are leasing furnished property, however, you may need to purchase contents coverage for costs the security deposit doesn’t cover. Workers’ compensation insurance or additional rental business insurance also may be purchased if your property has hired staff that provides service to the building.

Landlord Insurance Cost

Landlord insurance cost can vary based on factors such as the location, number of tenants, and size of the property. Some rates can be as low as $500 per year for a small property or as high as thousands of dollars per year for a larger property.

Best Landlord Insurance Policies

When comparing different landlord insurance policies, it is important to weigh the essential qualities, such as coverage, structures covered, benefits, payments and premiums, discounts and deductibles, and support and usability. These should all be fairly balanced with a focus on coverage.

We recommend the following website resource to help compare Landlord Insurance Policies, but it is important to note that the final recommendation is based on the Landlord’s specific needs and situation.

How American Integrity Insurance Solutions Can Help You Find the Best Landlord Insurance Quote

Owning a property is an investment that can present unique issues. No two rental properties are alike and therefore it’s important to obtain the right level of coverage based on the type of property you own and the specific risks you may encounter there. It is understandable that being a landlord comes with a lot of responsibility and therefore there is a lot to think about. At American Integrity Insurance Solutions, you will have one less thing to worry about. We will help you compare landlord insurance quotes, lower your rates, and bundle together the specific coverage you need for your personal policy.

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