Landlord insurance is an insurance policy that covers a property owner from financial losses connected with rental issues. These types of policies are purchased by property owners that have rental property, or landlords, in order to protect themselves and/or that property. Even the most basic policies cover the building, or home, itself. They cover damages caused by fire, explosion, lightning, malicious damage, theft, and more. There are several different types of landlord insurance policies available to ensure that the needs of all homeowners are met. Whether you are in search of a basic policy or a policy that will protect your home as thoroughly as possible, there is a policy for you.
Basic protection will cover major repairs or improvements to the building itself, any garages or sheds, pools, and other permanent or semi-permanent structures on the property. Basic plus contents coverage can be purchased to cover any items inside the rental property that belong to the property owner. This includes things like furniture, refrigerators, washers and dryers, dishwashers, and so on. A basic plus content policy will also cover malicious damage to your home or belongings done by the tenant.
Landlords, you can also purchase extra insurance to protect their property from water damage caused by plumbing accidents, spills, sewage drains, and wells. This coverage does not include damage caused by flooding. Policies can even be purchased to cover your legal expenses in the event that you have to sue your tenant for refusal to pay rent or for ignoring a notice of eviction. You can also purchase coverage to make up for the income lost while the rental property is being repaired, up to the amount permitted by the particular policy purchased.
As the owner of the rental property, you have the right to protect yourself and that property. The decision to insure your rental property is very wise one. You will be able to handle any repairs that need to be made in a timely fashion, ensuring the satisfaction of your tenants. And best of all, you will be protecting your investment and your own personal finances.