Landlord insurance is a type of coverage that is provided by many companies that will enable a person who owns a dwelling to protect their house, apartment, or condo from damage caused by the people they rent to. There are several different types of coverage that can be offered with these policies, all of which are meant to help protect a landlord in the event of damage or liability because of their tenant.
Who Is It For?
This insurance is generally only for landlords. Landlords are defined as individuals or families that own a dwelling (home, apartment, condo, etc.) that is not their primary residence, but that is being used to house other people (tenants) that pay the landlord rent. The landlord could be one person or it could be several joint owners of the property.
How Does It Work?
Landlord insurance is paid for through monthly premiums paid to the insurance company. Once these premiums start being paid, coverage for a variety of issues starts. The eligible issues that can be claimed for depend on the policy. If an event happens where damage occurs or income is lost, a claim can be made and reimbursement can be paid.
What is Covered?
There are a few different types of coverages available for landlords. Liability is one of the largest covered issues that occurs, in which accidental damage is caused on your property to someone else. This coverage will help to pay for those expenses that the landlord is liable for.
Another type of coverage is for rental loss. If there is damage that causes the dwelling to be unlivable, that means that tenants are no longer living there and paying rent. The rent that is lost because of this can be covered by rental loss coverage.
Personal injury coverage is also an option for the landlord. Sometimes tenants will talk poorly about their landlords and cause them to lose business. This type of coverage will pay for lost earnings and injuries due to libel, slander, and wrongful eviction.
The things that are covered by the general insurance include all of the property structures and buildings, as well as any personal property, such as washers, dryers, and kitchen appliances, owned by the landlord but being used by the tenants.”