Just about everyone who is in the position of renting a home, apartment or condominium unit to a tenant is well advised to purchase a good landlord insurance policy. A landlord policy is a unique kind of policy that protects the landlord from damages that often happen to a property while it is being occupied by a tenant as opposed to the property owner.
Usually, those who rent out a bedroom but still reside in their home will not need landlord coverage. However, all who rent a whole unit, whether it be a single family home, condo or apartment, will most of the time not be properly and fully covered by a traditional homeowner’s insurance policy.
A landlord policy will not need involve one’s tenants in the process. A landlord simply obtains the insurance policy of his or her choosing and pays the premiums for a certain level of coverage. This kind of coverage will often include the unit or home, which includes the walls, floor, roof, and many fixtures and appliances. Any property of the landlord that is utilized by the tenant is covered. Should there be damages or loss, the landlord simply files a claim for reimbursement.
A landlord can opt to secure only their actual structure or they can also have covered the contents of their property. Examples of property that can be covered include refrigerators, a/c units, stoves, etc. The landlord can also obtain separate fire, flood, and earthquake coverage. There is also “interruption coverage” that can help compensate a landlord for lost rental income.
Landlord insurance is designed to protect the owners from any damages incurred to their rental property investment.
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