4 Landlord Home Insurance Essentials Worth Knowing About

Landlord home insurance specializes in the insurance needs of the landlord. It is different than regular homeowner’s insurance. Some insurance companies have various kinds of insurance that they offer landlords. Each kind has its own requirements and methods for handling claims. A cheap policy can be more expensive later on, though it saves money initially. It normally covers only a minimum amount of flood or fire damage.

1. What Basic Landlord Insurance Covers

Landlord home insurance covers particular damages like repairing the roof because of damage incurred from a hailstorm. Flood policies sometimes have to be bought as separate coverage. Some landlord home insurance policies cover rental income during the repair period; this is called loss of rent coverage. A policy may cover court costs due to evicting a tenant for non-payment of rent. The property owner can get insurance for landlord contents like furniture and appliances.

2. Getting More Coverage

To get more than basic landlord home insurance coverage optional coverage is needed. It will provide for theft, vandalism, lost rent, property damage, natural disasters and liability. The liability protects the landlord against claims by a renter that has been injured because of a danger in the property. For instance, some insurance companies won’t cover damage incurred from burning a wood stove. A landlord with a wood stove in his rental property needs to find a company that will insure him for this situation.

The landlord can get emergency assistance coverage, which protects against difficulties with hot water system, doors and windows, keys, electrical system or gas system, plumbing problems, drainage issues, commode system, leaky roof, and heating system.

3. Risk Assessment

The insurers use claims data and statistics to assess risks. A property that has many factors that causes more claims and the claims history of a landlord make premiums go up. The person shopping for landlord home insurance should gather quotes from several companies and make comparisons to get the best insurance for the money. Look for what is included in the policy and what is excluded. To get help finding the right landlord home insurance company a landlord can consult an insurance broker, other landlords, and his landlord association.

4. Finding Discounts

Some insurance companies offer discounts for landlord home insurance policies. For instance, if you purchase more than one kind of insurance or if your property is close to a fire station or hydrant. Installing security features like smoke and burglar alarms and deadbolts, lowers rates. Inquire as to which discounts apply to your policy.


blog comments powered by Disqus