As a landlord, you face unique risks when you rent out property you own. Regular homeowner’s insurance won’t cover you when the property is used as a business, whether it’s a single-family home, duplex, or condominium.
Landlord insurance is a specialized type of coverage that gives you the protection you need with coverage for liability and property damage. Landlord coverage doesn’t just protect you from physical damage to your rental property; it also shields your assets from lawsuits and even covers you for lost rental income if the property becomes unlivable.
Landlord policies are designed to cover the specific risks you face as a landlord. Virtually all landlord policies include three broad forms of protection:
Landlord insurance can cover any type of rental property such as a condominium, duplex, or single-family detached home. While covered events vary by policy type, a range of events are typically covered including tenant-caused damage, storm damage, theft, vandalism, and fire. Landlord insurance will not cover all losses or damage, however. Tenants’ belongings are never covered by landlord insurance, nor is equipment breakdown.
Invest in Landlord Insurance. Renting out real estate without the right insurance coverage is a big gamble. Without insurance, your property, and even your personal assets can be at risk from serious threats like tenant damage, theft, fire, and injuries. Landlord coverage is an affordable solution to protect your valuable investment and source of income while protecting yourself against liability if anything happens on the property. You can even typically deduct the cost of your landlord policy as a qualifying business expense.
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