Landlord Insurance

Why Purchase Landlord Insurance?

This kind of insurance coverage protects a residential property from damage that may result from natural events or from tenants or visitors. The policy insures all major structural components including doors, windows, roofs, plumbing networks, foundations and more. Additionally, exterior installations such as fences, gates and walkways may also be covered under this insurance plan.

Landlord insurance is similar to other types of policies in that the individual pays his or her premium and is then, when coverage is needed, must first pay a deductible prior to receiving any payout. Claims are filed in order to receive funds for repairing structural damage to the building and units, for detached structures and for replacing or repairing items and systems such as fixtures, appliances, plumbing, electrical, HV/AC and other costly personal belongings owned by the landlord but utilized by tenants.

Landlord insurance from events such as a fire accidentally set or one caused by arson. This coverage can be used to rebuild a property that has, for example, completely burned down or for the simple repair of damaged structural components. Insurance for landlords offers protection from any accidental fires (even arson) and can be utilized to completely rebuild a property that has been destroyed by fire.

The maximum amount of compensation to be received will normally correspond to the market value of the covered real estate at the time of the loss. This kind of insurance also pays out for property damage due to weather-related events such as tornadoes, thunderstorms, hurricanes, snowstorms and more. In addition, vandalism and other deliberate acts of destruction fall under a landlord insurance plan.

A landlord who carries this coverage is also protected by the possibility of receiving compensation for any lost income should tenants be evicted and/or not paid their rents. Also, should renters be forced out of the property due to disasters and accidents, then the landlord is also financially protected. Once a landlord successfully files a claim he or she will normally receive an amount equivalent to the sum that would have been collected during a lease. Finally, if tenants damage part of a home or apartment, the landlord will be released from , what can be, enormous out-of-pocket costs on repairs.