Do you own a house, apartment or other property type you want to start renting? If so, you want to make sure it’s properly insured in case of damage or loss. Learn about Landlord’s insurance and the benefits of having this important coverage.
Liability Insurance: This protects you in the case of a lawsuit due to someone being injured on your property. The coverage includes medical bills, legal fees, funeral, and settlement costs. It also covers you from losses caused by your negligence.
Loss of Income: This coverage will repay you loss of rental income while your rental is being repaired or replaced due to a covered loss.
Additional Coverage: This type of coverage, which is typically not part of a basic landlord policy, may include natural disaster insurance, rental guarantee insurance, landlord contents insurance and more, depending on the company.
In exchange for the coverage provided by your landlord’s insurance, you must pay a premium. The cost of your premium is based on several factors, one of which is the deductible you choose. The deductible is the amount you must pay before the insurance company begins reimbursement. Other things that may affect the premium include:
1. Number of rentals