Landlord Insurance

Landlord Insurance Policies

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Landlord insurance gives peace of mind to people who collect monthly rent from a residential piece of real estate. If such a property gets damaged deliberately or by natural forces, a landlord can get compensation to make the appropriate repairs and other renovations. Insurance for landlord covers a variety of potential events such as fires, storms and vandalism. Additionally, this insurance protects a landlord's property that is used by tenants,  such as appliances.

Who it is for:

This insurance can be purchased only by an individual who owns a residential property that is leased to tenants. Examples of residential real estate that is often available for rent include apartments, townhouses, condominiums and homes. In order to buy a policy plan, a landlord must present a valid document of ownership such as a title or deed.

How it works:

The market value of a residential property does not play a major role in determining the premiums for this type of insurance plan. After all, this policy is designed to cover restorations and repairs but not complete rebuilding of a property. A monthly premium has to be paid by a landlord who is entitled to file a claim for any expenses that are related to the insured property.

Different types of coverage in existence:

Insurance for landlords offers financial compensation for permanent and detachable structures of a rental property. Walls, floors and ceilings are fully covered if they are damaged severely enough to compromise the safety of a home or apartment. Appliances, lighting fixtures and climate control systems are also insured under this type of policy. Detached structures such as garages and sheds may be listed on an insurance plan for landlords.

Major Benefits:

Landlords who get money from rental properties can enjoy a financial cushion from this insurance plan. If tenants decide to leave prematurely, the landlord can file a claim for lost income. This insurance can also protect landlords from liability lawsuits that are brought forward by tenants and their guests. Therefore, insurance for landlords offers immunity against hefty settlements in cases involving personal injuries of tenants.


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