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.
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.
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.