What Does Landlord Insurance Cover?

March 30, 2012

You have a lot of responsibilities as a landlord, so it’s important you know exactly what your landlord insurance policy covers. In today’s post, we’ll give you a quick rundown of what landlord insurance is and what it typically covers.

For more information, contact Burkhart Insurance Agency of Cincinnati, OH. We’ll be happy to talk with you about your options. As an independent insurance agency, we can help you find the right coverage for your property at price you can afford.

What is landlord insurance?

Landlord insurance is a specialized type of insurance that covers rental policies. While some landlords use their homeowners insurance to cover their rental properties, landlord insurance is the better option because it is specifically designed to address the unique risks a landlord will face when renting out their property.

What does a landlord insurance policy cover?

A landlord insurance policy covers a property owner from many of the potential financial losses attached to rental properties. The exact coverages offered by a landlord insurance policy can differ depending on the insurance provider and the option you choose. Some of the most common landlord insurance coverages include:

Property damage

Similar to a homeowners insurance, a landlord insurance policy covers your property from most damages. For examples, if your rental property is destroyed in a fire, your landlord insurance policy should cover the cost to rebuild the structure.

Make sure you insure your rental property for what it would cost to rebuild. If you don’t, you could end up paying out-of-pocket for the remainder of repairs.

Income loss

This is where landlord insurance policies differ from homeowners insurance policies most. A landlord insurance policy should reimburse you for any lost income due to a covered event like a fire.

If you rely on the income from your rental properties to keep you going, buying a landlord insurance policy that covers lost income can be an excellent investment.

Property contents

A landlord insurance policy will not cover your tenants’ property—they need their own renters insurance policy for that. But a landlord insurance policy will often cover your belongings that your tenants might use. This can include furniture, landscaping equipment, etc.

When purchasing landlord insurance, take an accurate inventory of all the property you keep on the premises.

Legal Protection

If a tenant is injured on your property, you may or may not be liable, depending on the situation. However, your landlord insurance policy should provide coverage for legal fees in case a tenant decides to take legal action against you.

This type of protection can vary from policy to policy, so check with your insurance agent to be sure you have the right level of protection.

Protect your investment with landlord insurance

Landlord insurance is a must-have for any landlord in Cincinnati and all of Ohio. It will help you protect your investment and give you the peace of mind to focus on other things like taking good care of your tenants.

Check out our Landlord Insurance page for more information or contact Burkhart Insurance Agency for a free quote today!

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