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Landlord Insurance Explained

Congratulations, you just bought your first investment property! Before you hand off the keys to your new tenants, make sure you have the right protection. From stormy weather to theft, we understand there are many factors that could affect your new revenue stream. With landlord insurance, you will have coverage for your property and for liability. In this blog, we break down everything you need to know about landlord insurance.

Landlord Property Protection

Property protection is a landlord insurance policy that helps cover physical property related to the rental property. This may include the dwelling itself and equipment you keep on site to help maintain it.

Coverage generally includes:

  • Dwelling: This coverage helps pay to repair your rented home, condo or apartment if it's damaged by a covered loss.

  • Other Structures: 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.

  • Personal Property Used to Service the Rental: If you leave a lawnmower or snow blower onsite to maintain your rental property, landlord insurance may help cover this equipment if it's damaged.

It is important to note that the above types of coverage are subject to the deductibles and limits stated in your specific landlord policy.

Landlord Liability Protection

The liability portion of a landlord insurance policy may help you pay for medical bills or legal expenses if someone is injured on your rental property if you’re found responsible.

A good example of this is if your tenant falls down the stairs and a court determines that you failed to maintain the stairs or railing. In this instance, your landlord liability coverage can help pay for those expenses.

What Is Not Covered By Landlord Property Insurance?

Below are just a few examples of things that may not be covered by a landlord policy. If you have any questions, please contact your Cushman Insurance agent.

  • Maintenance and Equipment Breakdown: if a furnace or dishwasher on your rental property breaks, you’ll have to pay out of pocket.

  • Property You Share: if you live on the property and rent out a room, or floor, to a tenant, you may not be eligible for a landlord policy, according to the National Association of Insurance Commissioners. Landlord policies are typically designed for “non-owner-occupied” properties, so we suggest calling your local insurance agent for more information.

  • Tenants’ Belongings: Landlord insurance generally does not cover your tenant's personal possessions. For that protection, your tenants will need to purchase their own renters insurance policy.

Interested in renting out a property to tenants? Contact your local Cushman Insurance agent today so we can explain what options are best suited for your needs.



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