About Landlord Insurance
This type of insurance coverage is designed to protect the owner of a residential property from any damage that can happen as a consequence of natural events or some kind of tenant-caused action. The usual policy will cover all major structural aspects of the property such as the foundation, plumbing and electrical, doors, windows, roofs and other items. Also, any exterior structures such as garages, fences, gates or walkways can also come under the coverage good landlord insurance.
Landlord insurance is specifically designed for those who own residential property, which is rented out to tenants. Note that this coverage is not meant to offer insurance protection for the renters, but rather is designed to protect the interests of the landlord. Whether the rental properties are apartments, condos, townhomes, or single-family homes, they all can be protected under landlord insurance coverage.
What is it?
Landlord insurance is similar to other insurance in that the monthly payment of premiums and, when utilized, the payment of deductibles are all part and parcel to activating the protection of this coverage. All of the above will determine the final annual policy costs for the landlord. If loss is suffered, a claim can be filed to receive compensation in order to either repair or replace a damaged structure or any items such as appliances, sheds, garages and other valuable persona belongings owned by the landlord and/or utilized by tenants.
Landlord insurance is designed to assist in providing financial protection against such events as fire that is accidentally set or even caused by an arsonist. This insurance can be used to wholly rebuild a property that has completely been incinerated to just repair the damaged areas of the structure.
The most a policyholder can obtain in compensation is directly commensurate to the market value of the property that is covered at the time of loss. This type of coverage can also provide payment for property damage as a result of weather-related events like severe thunderstorms, tornadoes, hurricanes and snowstorms. With this policy in place, even vandalism and other purposeful acts of destruction can be covered.
A big benefit in obtaining good landlord insurance is the invaluable peace of mind in knowing, for instance, that one can receive compensation for lost income If one needs to evict a tenant. Also renters can sometimes be moved out of property rendered uninhabitable due to disasters and accidents. In this case, a landlord may file a claim and often receive substantial compensation, sometimes fully equal to the sum that would have been collected from tenants had the destructive event not happened. Should one’s tenant damage a rental home or apartment, with this coverage the owner need not concern him or herself about any out-of-pocket expenses for repairs. A big bonus and maybe a necessary one for many landlords.