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Landlord Insurance

LANDLORD Insurance – Customer-friendly

Owning an investment property can be a great long-term investment option for anyone to pursue. When you do become a landlord, there are a wide variety of important factors that need to be taken into consideration. One of the most important factors to consider is how you will keep the property properly protected. To ensure their asset is protected, landlords should always get a full landlord insurance policy as it provides unique coverage options.

Liability Coverage

Whenever you have other people in your property, including your tenants, you are taking on some liability risk. Because of this, you need to make sure that you have a quality insurance policy in place to protect you and your personal assets. When you have a liability landlord policy in place, you will receive the coverage that you need to be properly protected. This will give you coverage if your tenant, or anyone else that is in your property, is injured.

Property Damage Coverage

When you are investing in an investment property, having a property damage policy in place is also beneficial as it will cover the actual asset that you have. If you are a landlord, you will need to have a property insurance policy that is designed for landlords and is specifically designed for tenant-occupied properties. In the event the property is damaged due to a fire or storm, your policy will kick in and provide you with the coverage that you need.

Ensures Compliance

If you ended up purchasing your property with a loan, having a landlord insurance policy in place will also help to ensure that you stay in compliance with your loan agreement. Almost all mortgage lenders will require that you have a full property and liability policy in place as long as your loan is outstanding. If you do not have a full policy in place, you could find yourself in violation of the loan terms. Furthermore, if your property is located within a home association, the community documents will likely require that you have insurance in place the whole time. This will ensure you are covered in a liability event.