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As rewarding as owning rental property can be, it can also be stressful. Your rental property which is your investment needs to be protected Landlord’s Rental Dwelling Policy insurance protects the home that you rent out to other's ie your investment properties and provides both property and liability coverage.
Liability coverage pays for lawsuits against you or things that are your fault. For example, liability protects you if your tenant sues you because they had a slip and fall accident on the stairs because the handrail was broken. Like homeowners insurance, landlord insurance will protect your property against fire, lightning, wind, hail, etc. It will also cover you when dealing with tenants.
All your investments in single family homes, condo units, duplexes, triplexes, and fourplexes can be covered . Other extended coverage can be added as endorsements . While the policy may cover for expediences stemming form sudden and accidental losses few you will notice that maintenance
related issues and equipment breakdowns, tenants belongings etc will not be covered .
As a general rule landlord should always require tenants to get renters insurance , so their personal property is covered if the property is damaged in a peril , such as fire or theft .
This coverage helps pay to repair your rented home, condo or apartment if it's damaged by fire, lightning, wind, hail or other covered losses. .
The liability portion of a landlord insurance policy may help you pay for another person's medical bills or your legal expenses if someone else is injured on your rental property and you're found responsible. .
If a covered loss rendered your rental property untenable, this coverage will pay for your loss of rental income during the repair or rebuilding period up to the available coverage limit of the dwelling’s Coverage A amount..
This part of your policy helps pay to repair detached structures on your rental property, such as detached garage or fence, if they're damaged by a covered loss. .
There are optional coverage's you may need to consider depending on the neighborhood or geographic area or even condition of your rental property such as vandalism, burglary, building codes etc ..T
Talk with us to learn about all the coverage' s that may be available to protect your rental properties and for help understanding how they may help protect you as a landlord.