Landlord Insurance

The Insurance Every Business Owners Needs to Know About

Brief Summary: Landlord insurance is a type of policy specifically designed to protect property owners who rent out their properties. It covers financial losses connected with rental properties, such as damages to the property or loss of rental income. This insurance is crucial for landlords looking to safeguard their investments against the unforeseen.

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What is Typically Covered:

• Property Damage: Covers damage to your property from insured events like fire, storm, and vandalism.

• Loss of Rent: Compensation for lost rental income if your property becomes uninhabitable due to an insured event.

• Liability Coverage: Protection in case a tenant or visitor sues for injury or property damage related to your rental property.

• Legal Expenses: Covers legal fees if you need to take action against a tenant or defend a claim related to your rental property.

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What is Not Typically Covered:

• Unforced Entry: Damage caused by tenants without signs of forced entry may not be covered.

• Wear and Tear: Gradual deterioration of the property over time is not covered.

• Personal Property: Unless specified, landlords' personal property left on-site may not be covered.

• Legal Expenses: Covers legal fees if you need to take action against a tenant or defend a claim related to your rental property.

• Agreements Outside the Lease: Financial losses due to verbal agreements or arrangements with tenants that aren't documented in the lease agreement.