Landlord insurance is a crucial safeguard for any rental property owner. It protects you from financial losses that standard home insurance policies typically don't cover.
Why Landlord Insurance is Essential:
- Property Damage: Covers damage to the building caused by events like fire, floods, or storms.
- Liability: Protects you if a tenant or visitor is injured on your property.
- Loss of Rent: Can cover lost rental income if the property is uninhabitable due to insured damage.
- Legal Expenses: Can help with the costs of legal action, for example, if you need to evict a tenant.
What Does it Cover?
Typical policies include:
- Buildings Insurance: Covers the structure.
- Property Owner's Liability Insurance: Covers injuries.
