Before a property owner can even rent out their home, they must first acquire a good landlord insurance that will protect their rights and cover any claim in case something comes up. Not only would this be helpful if ever the tenant does something terrible to the property, but it will also tackle infractions on the contract between both parties.
That said, if you are curious about the coverages of landlord insurance, look no further than our examples below.
1. Property Damage
This will be insurance that covers any damages that may occur to the structure of the building or the house. Because of this, it will also cover broken windows, electrical or plumbing issues, and many more.
2. Liability Coverage
Your policy will also have to include coverage for liability issues for landlord insurance. This means that any damage done to your tenant’s property is covered. Meanwhile, the medical expenses for any injury caused by your property are also covered by this.
In addition to the two, there is also a “contents and business personal property” coverage for your tenant’s belongings should something happen to them.
Other than that, landlord insurance will also give you access to the following:
3. Landlord Property Protection Rights
This coverage will provide you with legal representation in case the tenant wants to break their lease contract or if they want to make a claim or bring a lawsuit, for example, if they want compensation. The property owner is assigned rights to do so.
4. Personal Injury Liability
If you are a property owner, then you need to make sure that you are covered in case another party sues you because of an injury that happened in your property. The good news is that your landlord insurance will take care of this.
5. Medical Payments to Others
This coverage is one of the most basic coverages of landlord insurance, where it will cover any medical expenses for a tenant due to injuries that your property may have caused.
6. Rental Income Loss
In this coverage, you will be eligible to receive compensation from your landlord insurance if you have to experience a loss in rental income.
7. Loss of Use
Similar to the idea of the loss in rental income, this will also cover you if the tenant cannot live in your property due to damages in it.
8. Business Personal Property
If you run a business from your property, you need to make sure that it is protected. For this, your landlord insurance will cover this aspect and all the equipment inside.
9. Tenant’s Property Protection Rights
When it comes to a tenant’s property, this will take care of the possessions, losses, and even the rent you may have to pay should a tenant be unable to pay for it.
10. Alternative Dwelling Expense
As mentioned earlier, if the tenant cannot live in your property because of damages that are caused by your property, you are also covered by this.
However, if your tenant refuses to live in it, this will cover their expenses until they move into their new home.
Conclusion
If you are a landlord, you really need to get landlord insurance. Trust us when we say this because it is not a choice. You need to make sure that your tenant is protected as well, especially without them even knowing it. This will also cover any liability you may have, so you don’t have to worry about anything else.
If you are looking for a good provider of landlord insurance, look no further than what we can offer here at New Wave Insurance. We are here to help you find the right insurance for your assets, businesses, and vehicles. Call us today and let us discuss about your insurance options.