Landlord Liability Insurance
Landlord Insurance is designed to cover you financially if something goes wrong with a rented property that you own. It’s there to protect your financial interests in case of damage caused by tenants, or if the property has been abandoned and left unoccupied. This type of insurance can also cover legal costs should any disputes arise between a landlord and tenant.
Benefits of Landlord Insurance
Your rental property is an important investment, and landlord insurance offers multiple benefits that can keep your property and finances safe. While every rental property is unique, and coverage specifics will vary from policy to policy, most good landlord insurance plans will cover some or all of the following:
- Damage caused by former tenants, including repairs needed due to vandalism.
- Legal costs if you need to take action against tenants
- Loss of rental income if the tenants leave without paying their rent
- Replacement of locks and other security measures if tenants have lost the keys or moved out without returning them.
- Unoccupied property insurance which covers your property when there are no tenants in it
- Accidental damage coverages for your property (such as flooding or fire)
- Alternative accommodation for tenants if the property is temporarily uninhabitable
- 24/7 emergency helpline assistance so any problems can be dealt with quickly and efficiently
To get the most out of your landlord insurance, it’s wise to review your policy periodically to make sure your coverage amounts and options are in line with current property values and structures.
Assistance with Landlord Insurance
Our team can help you identify the most prominent threats facing your rental property and help you design a policy to protect against them. We can also shop your policy to multiple insurance providers, ensuring you get the lowest rates possible. For a free consultation, contact us online or by phone today.
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