What is Landlord Insurance?
Like home insurance, landlord insurance can cover your rental property and its contents against risks like storms, floods and fire. It can also cover the damage that tenants can cause to your contents – and even loss of rental income. Unlike some landlord policies, Steadfast landlord insurance can cover holiday rentals and long-term rentals.
Without landlord insurance, you could lose your valuable investment if it’s damaged or destroyed. You could also lose income from rent if you’re unable to rent it out during repairs, or if your tenants get evicted or break their lease.
Who Can It Cover?
New Wave insurance can provide you with extensive protection if your investment property suffers loss or damage. And, unlike some other policies, Steadfast landlord insurance automatically includes some additional benefits - and is flexible enough to cater for both short term and long term rentals.
What Usually Isn't Covered?
Each policy is different, but generally you won’t be covered:
For damage from tenant carelessness or neglect.
For rust, corrosion, gradual deterioration or wear or tear.
If your home is unoccupied for 90 continuous days. There are other exclusions which your Steadfast insurance broker can outline for you. In addition, there is a deductible/excess.