Quality Landlord Insurance Coverage
Just about everyone who is in the position of renting a home, apartment or condominium unit to a tenant is well advised to purchase a good landlord insurance policy. A landlord policy is a unique kind of policy that protects the landlord from damages that often happen to a property while it is being occupied by a tenant as opposed to the property owner.
Usually, those who rent out a bedroom but still reside in their home will not need landlord coverage. But all who rent a whole unit, whether it be a single family home, condo or apartment, will most of the time not be properly and fully covered by a traditional homeowner’s insurance policy. In short, to be protected from potential property damage in this situation, you must purchase a landlord policy.
A landlord need not involve their tenants in the process. They simply obtain the insurance policy of his or choosing, pay the premiums for a certain level of coverage and, viola, mission accomplished! This kind of coverage will often include the unit or home, which includes the walls, floor, roof, and many fixtures and appliances. Any property of the landlord that is utilized by the tenant can be pretty much covered. Should there be damages or loss, the landlord simply files a claim for reimbursement.
A landlord can opt to secure only their actual structure or they can also cover the contents of the property. Examples of property that can be covered include refrigerators, a/c units, stoves, etc. The landlord can also obtain separate fire, flood, and earthquake coverage, which can be an excellent move depending on the region in which the rental property is located. There is also what is called ‘interruption coverage’ that can help compensate a landlord for lost rental income.
Landlord insurance is designed to protect the owners from any damages incurred to their rental property investment. It can be a necessity for those with tenants, as anything can happen at any time.