Landlord Insurance Information for Property Owners
Landlord insurance gives landlords property coverage for their rental properties. This type of policy covers the property, and things such as electrical and plumbing fixtures, doors, windows, roofs and more. Exterior structures like sheds, detached garages, and fences are covered too.
Anyone who owns residential properties and rents to tenants is eligible for this policy. The landlord can own various types of rental properties. This insurance coverage can be used for apartments, single-family homes, and more.
The landlord pays a premium and deductible just like with other types of insurance. This will affect the overall cost of owning this insurance. When the policy is active, the landlord can file a claim just like with any other type of insurance. Damages from fire, tenants, and other events are covered.
Depending on the policy amount, the landlord might have enough coverage to completely rebuild the property if necessary. The most you can receive in compensation depends on the value of the property at the time of its damage.
Landlords can also receive compensation for lost income. This generally applies if a tenant is evicted and the rental remains vacant for a significant time. Coverage can also help repair damage done by a tenant. And if the property becomes uninhabitable because of some disaster or other incident, landlord insurance will help with that situation as well.