The Benefits Of Having Landlord Insurance

If you are a landlord, or considering being a landlord, it is very important to protect you and your investment through a landlord's insurance policy.

A landlord insurance policy will insure you to help safeguard you against losses as a result of your rental property - including property losses as well as tenant injury losses. Under certain circumstances landlord insurance can also help maintain your monthly income stream that you receive from your tenants paying rent.

You can get rental insurance for a variety of investment rental properties:

• Row homes
• Older and lower-value homes
• Homes with minimal cosmetic conditions
• Vacant homes
• Properties under renovation
• Fixer-uppers
• Virtually any type of property
• Rental homes (house, condo, town home, etc)
• Multiple location landlord properties (including LLC's and corporations)
• Duplexes, triplexes and quads
• Converted Victorians

In brief, what does landlords insurance cover?

Landlord insurance plans broadly cover the following:

1. Landlord Property Insurance
   The building is insured for the cost of repairing or rebuilding the home due to damage caused due to fire, storms, vandalism or any other peril.
2. Landlord Contents Insurance
   Landlords contents insurance insures contents that belong to landlord himself. The landlord is not responsible for belongings of the tenant. Tenants can insure their personal belongings with a renter's insurance policy. A landlord can file a claim for his damaged rented property like carpets, sofas, tables, chairs and pictures because of fire, or any other cause.
3. Landlord Liability
   As a landlord, you are responsible for the safety of the building or house that your tenants have rented. You are accountable to your tenants if they get injured in the rental. They can make a claim against you for the damages they faced during their stay in the building. For example, tenants may electrocute themselves on a faulty light switch or fall down the stairs. The Landlord Liability will cover medical expenses and legal issues for all covered perils.