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What you need to know
Now, is landlord insurance required by law? In most places, the answer is no, but having landlord liability insurance in some form can really help you if your property is damaged or if the actions of your tenant opens you up to an unanticipated liability.
So what types of rental property insurance packages are there anyway? Most packages contain two distinct types of policies: property and liability. Property insurance generally protects against damages to the dwelling itself or related structures, like a fence or a shed. However, it can also include protections for other property owned by the landlord that fulfills a certain purpose for property maintenance, such as a lawn mower. Liability insurance, on the other hand, protects landlords against lawsuits, legal expenses and hospital bills that may result from a tenant, guest or pedestrian injuring themselves on your property. Landlords also frequently go outside of these two areas for coverage: vandalism and burglary policies are very common, particularly if your property is in a seedy neighborhood or you live far away, and construction policies are often taken out if a building is undergoing extensive maintanance.
All of this information begs the question: how much is landlord insurance? Landlord insurance quotes take a lot of different things into consideration before offering a dollar amount range. For instance, how big is the property? Are there adequate safety features? How many units are in the building? Do you qualify for any discounts? Insurance companies use all of these questions to determine your overall landlord insurance cost.
Before you just go ahead and buy a cheap landlord insurance package from your nearest broker, it’s important to compare landlord insurance rates across companies. You can request an online insurance quote from us at our website, or call us directly to speak with one of our trustworthy agents. We know that buying landlord insurance is a very important decision to make, and no company knows the ins and outs of the rental business like we do. Call us today to find out what we can do for you!