What You Should Know About Landlord Insurance
As a landlord, you might have a lot on your plate as you entail making several financial choices.
But choosing a reputable landlord rental property insurance is among the most critical things you could do to secure yourself financially.
Landlord insurance has more facets than some other types of insurance since it comes in various formats, has two types of payments, and contains a variety of coverage options.
What is Landlord Insurance?
Landlord insurance is a type of insurance designed to protect landlords who lease out their house, condominium, or unit to tenants. However, note that if you already have homeowners insurance, it will only cover you until you rent your property out to renters if you already have homeowners insurance.
What Does Landlord Property Insurance Cover?
Your landlord property insurance can generally protect for the following:
Liability You may be subject to lawsuits, bodily injury claims, hospital expenses, funeral costs, legal fees, settlement costs, and other liability claims as a landlord.
Property Damage caused by vandalism, harsh weather, theft, or anything that might harm the property's construction is covered.
Rental Income Your policy will assist pay for your lost revenue if a renter is forced to vacate due to extreme weather conditions. The loss of rental revenue must be attributable to a loss event, not an eviction, which is not always protected.
How important is a Landlord Insurance Policy?
Landlord insurance can protect you from catastrophic losses that might occur when maintaining a property. If a natural disaster destroys your home, you'll have to pay for the whole cost of rebuilding it out of your pocket.
Indeed, landlord insurance is needed, especially if you rent out your house for a long time or rent to renters while you are not present. Further, once you've decided to become a landlord, your risk of responsibility and damages increases, thus your insurance premiums will rise, as will the amount of coverage you receive.
At Second Western Insurance Services, we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (818) 952-5203 or Click Here to request a free quote. Coverage discussed in this article is not guaranteed. Please contact our agency to go over your existing coverage. We are happy to help you make sure your needs are being met!