Landlord Insurance Policies
lIf you own a rental property that you are renting out more than a couple of weeks per year, it will probably be in your best interest to consider landlord insurance. Insurance for landlords is in place to help protect your investment property and give you peace of mind. Though many landlords believe that their homeowners insurance will cover damage or other events while tenants are in the property, this just isn't true. Depending on your policy, renters may only be covered under your policy for a week or two and in almost all cases, never over four weeks.
Different Types of Landlord Insurance Available
If you are considering insurance as a landlord, you should know that there are a number of different policy types and coverage areas. You will probably find that standard coverage will typically cover the dwelling that the renters are living in as well as any structures on the property. Examples of this are a shed or deck. Most policies will also cover things like appliances you own or other belongings, such as furniture. Another common thing that most insurance for landlords cover is liability. Inflation protection, fair rental value and other coverage types are also commonly available.
How Does This Type of Insurance Work?
In most cases, when you have a claim for your rental property, you will contact your insurance company, and they will start the claim process. Most of the time, they will begin an investigation and compare the damage to your property with the policy you have. The adjuster might want to interview you, or they may want to speak directly to your tenants to find out more about the claim.
Benefits of Insurance for Landlords
There are a number of benefits that you will receive as a landlord when you get this type of insurance policy. You will have peace of mind; your property will be protected and you will be saving money. In most cases, this type of insurance for landlords is very affordable and should be looked at as a very small investment into your financial protection. If you currently have a rental property that is occupied for more than a couple of weeks each year, you owe it to yourself to protect this property with insurance.