Landlord Insurance: Everything You Need To Know

​If you are a landlord handling a residential property, there is a high chance that you are missing out on having landlord insurance. A residential property without its owner occupying it is not covered by homeowners' insurance when natural disasters occur. With this, it is essential to have landlord insurance to support you. We listed everything you need to know about landlord insurance.

Landlord Insurance
The policy only covers homes that are occupied by owners. The homeowner's insurance coverage stops when the house someone else rents the house. You have protection with landlord insurance in case of injury, theft, appliance malfunctions, and damages caused by natural disasters.

Landlord Insurance Coverage
Landlord Insurance provides coverage for essential needs. This insurance includes property damage, lost rental income, and liability protection coverage. You could also modify your policy by adding coverage for non-essential needs like guaranteed income insurance, flood insurance, and emergency coverage.

1. Property Damage
   The property damage covers damage to property and real estate acquired from natural and human-made disasters.
2. Lost Rental Income
   This coverage gives rental reimbursement for cases that render your property uninhabitable.
3. Liability Protection Coverage
   Liability protection coverage accounts for the medical and legal expenses if a tenant or visitor gets injured in your rental site.
4. Guaranteed Income Insurance
   In case tenants fail to pay rent for a month, this ensures the landlord still receives the money needed for the payment.
5. Flood Insurance
   For properties in flood-prone areas, it is crucial to have this additional coverage safe from damages caused by flooding.
6. Emergency Coverage
   Emergency coverage accounts for emergency expenses that occur and happen unpredictably. It can aid in the costs of sudden repairs when urgent money is needed.

Conclusion
In renting a property, check for the home insurance policy first. As it usually does not cover all liabilities while the homeowner is not occupying the property, purchasing landlord insurance is the best choice. Remember that preparation is always better than not having any backup to support you in case of unexpected circumstances.

At Mauser & Tobin Co., Inc, we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (516) 747-0171 or Click Here to request a free quote.