If you're planning to get landlord insurance in 2020, there are specific points that you need to understand about this particular policy. It will help you utilize the insurance type to its full advantage.
Knowing more about landlord insurance can give you better security and safety because you would know how to handle situations that might be too much for homeowner's insurance. Would you like to learn more? Go ahead and read on.
The first thing that you need to know about Landlord Insurance is that it is distinctly different from Homeowners’ Insurance in terms of coverage. The latter has to do with protecting your property as well as the items inside your house.
The former, on the other hand, protects rental property. For example, if you rent out your property and it gets damaged due to calamities, your landlord insurance can handle reparations down the line.
2. Renovation and Repair
You can rely on landlord insurance to cover the expenses if you need to renovate your rented property. It also includes financial loss if you are trying to rent out your property for business purposes.
3. Landlord Insurance Types
Another point that you need to know about landlord insurance is that it has three different tiers or types. These are as follows:
4. Liability Protection
This feature comes in handy in case your renter sues you for whatever reason. Compared to homeowner's insurance, landlord insurance has higher limits when it comes to liability coverage. It would be advisable for you to get this type of policy if you rent out your property.
The cost of landlord insurance policies can depend on a few factors, including location, number of units, and the physical condition of the property itself. You would have to work with an insurance agent to determine how much you would have to pay for your policy in total.
Once you find all the right pieces of information, you will have an idea about your budget for the policy itself. As a homeowner and a landlord, it is your responsibility to know your rights. This way, you will be protected from potential lawsuits and additional problems that might be caused by your tenant.
At Mauser & Tobin Co., Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (516) 747-0171. Get your free quote today by CLICKING HERE.