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Landlord Insurance

Landlord Insurance Policies

Chicago Insurance Advisors

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.

Landlord insurance provides coverage against loss of property that you own and rent to others and is usually used by individuals who own and rent out one or more properties. It generally offers protection against losses caused by fire, break-ins, theft and weather-related issues. This insurance generally offers the following coverage:

Property Damage: This provides coverage on the building and personal belongings when they’re damaged or less due to covered perils such as storms, fire, vandalism or theft. 

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
2. Amount of coverage
3. Geographic location
4. Condition and age of rental property

As a landlord, you’ll find it beneficial to carry Landlord insurance so your rental properties can continue to bring in income in the catastrophic event of a loss and will also protect you against any possible lawsuits.

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