Have A Rental Property? Make Sure You Invest In Landlord Insurance

Landlord insurance provides similar protection to homeowner's insurance but includes special protections to insure your needs as a landlord are met in the event you cannot rent your property for profit.

There are several major items that landlord insurance covers:

Building Damage

This is the most similar aspect to homeowner's insurance. Landlord insurance covers your property in the event of most types of damage. For example, if your property is damaged or destroyed in a fire, the insurance will cover the cost of rebuilding the property. Remember to insure for the proper amount or you will be stuck covering the difference. Also, read your policy carefully as there are certain types of damage that are usually not covered, such as flooding and other "acts of god".

Loss of Rental Income

This is where landlord insurance goes above and beyond typical homeowner's insurance. Not only does it help you pay for damage to your property, a good policy will also reimburse you for lost income in the event that your property is uninhabitable by your tenants due to damages. If you rely on these properties for your income, this is a life saver.

Legal Fees and Liability Coverage

As a landlord, you take on addition risk since you have other people living in your property. For example, if your tenant is injured on the premises, you could be held liable for damages. Most landlord insurance covers your legal fees in the event that your tenant sues you for damages. In addition, if the tenant wins the lawsuit, a good policy will cover the judgment against you so your personal property and assets are untouched. Some policies even cover medical expenses that your tenant might incur if injured in your property.

If you are a landlord and you chose not to purchase this insurance, your homeowner's insurance will not protect you in any of these events. It's like any other insurance. If your building is never damaged, your tenant is never injured and you never lose any property, you'll never need the insurance. However, life isn't predictable and if any of these events ever happen you will have nothing to worry about. Sometimes it's worth paying a little extra for the piece of mind that a good insurance policy offers.

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About the Author:
Make sure to talk to your insurance professional to determine if landlord insurance is right for you.

Article Originally Published On: http://www.articlesnatch.com

Tags: landlord insurance , insurance company

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