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If you own a rental property, you treat it like your home. It’s one of your most valuable investments. But like other investments, you could experience heavy losses if you don’t properly protect it. That’s when having sufficient landlord insurance is helpful.
What is Covered with Landlord Insurance?
Landlord insurance policies offer coverage from these instances:
- Property damage: if your home is damaged by fire, wind or other severe storms your landlord insurance will help pay for the costs of repairs.
- Personal belongings: appliances and furniture you may have in the home.
- Liability: if a tenant is hurt on the property and they try to sue you, legal counsel and fees will be taken care of.
- Loss of rental income: if your property is damaged in a fire or other covered cause, and you’re unable to rent it out, your policy may cover you for lost rental income.
In addition to these common coverage types, there are options you can add to your rental property insurance:
- Non-occupied dwelling endorsement: if your home is vacant for more than 30 days, your insurance company may deny coverage for any claims that occur after that period until it’s occupied again.
- Building code coverage: if the building codes in your area have changed since your home was built, and it’s in need of repairs, you’ll likely need to meet the current codes. This coverage will cover the cost of those renovations.
- Heating or air conditioning loss reimbursement: if your heating or cooling system failed, this coverage will reimburse you for any payments you made to your tenants.
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What is Not Covered By Landlord Insurance?
It’s important to note the tenant’s belongings are not insured. To protect their belongings and any damages they may cause you may consider requiring a renters insurance policy from tenants.
Types of Rental Property Insurance
There are different types of insurance policies depending on the length and frequency you’ll be renting out your property. Below are the most common cases:
- Long-term renting: if you’re planning to rent out your property for at least six months, you’ll need landlord insurance.
- Occasional short-term renting: if you plan on renting out your home occasionally for short periods of time, you may be covered by your homeowners insurance. It’s recommended you check with your insurance company prior.
- Frequent short-term renting (Airbnb): if you rent out your property regularly for short periods of time, through platforms like Airbnb, HomeAway, and VRBO you may be considered a business owner so your property may not be covered by a standard homeowners insurance policy. If this is the case you may need to purchase a commercial insurance policy. The platform you’re hosting your home through may also provide you with some coverage. Airbnb, for example, offers liability coverage and damage protection to its hosts.
Add Landlord Insurance to Your Policy
Purchasing landlord insurance for your property is a smart way to ensure it’s safeguarded when rented out. Because there are several options available, an insurance specialist at Signature Insurance Group is available to help you customize a policy tailored to your specific needs.
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