Finding The Best Landlord Home Insurance For Your Needs

By Author: Elzbieta Falat
Total Articles: 13
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If you own a property and are probably thinking of renting it out, it is always advised that you buy a landlord home insurance. It is the safest bet that saves your property from unexpected accidents & damages, fire, and provides some basic protection.

Owning rental property can be a tough business if you are not insured. Just like all other business ventures, it is highly advisable that you likewise insure your buildings, houses and similar assets used in leasing so you do not have to face complicated financial situations later on. Insuring your rental properties protects both the buildings and you, so you will surely gain a lot from it during needed times.

Being a landlord, you probably already have a landlord home insurance coverage for your properties or planning to get one. To clear up any confusion you might have, a landlord home insurance and a regular home insurance are not the same in that the terms and conditions that govern them are different. The coverage under landlord home insurance is generally wider and includes losses from rent and tenant lawsuits among others.

Before you can acquire ...
... a landlord home insurance, first get a quick look on the different kinds of coverage that may be suitable for your rental property. Understand the advantages and disadvantages of each type and see which one is best suited for your business.

Types of Landlord Home Insurance

Water Coverage

This type covers accidents and damages that result from water related problems such as plumbing mishaps. This does not however cover flood damage.

Condo Insurance

An insurance that covers expenses you incur in renovating your units, and provides for general building insurance. It does not however provide adequate protection for the landlord as much as other types of coverage can.

Loss of Income

Surely you entered into the rental business with profit in mind. Yet, in some cases, it can be unavoidable to lose income especially if the property itself is not attracting enough customers or is not fit for rental anymore. In both instances, you are losing profit. So while you figure out how to make your business alive again, the loss of income insurance will cover up the losses you incur during this period of repair.

Fire Insurance

Whether it is a small flame that started out in the kitchen or a huge fire that burned down your property, the rental property fire insurance will cover the damage costs. This is one of the most essential insurance coverage in any rental property.

Basic Protection

A landlord insurance that covers all repairs and renovations you make on your rental property. It does not however include the contents of the building, hence should any damage occur to these contents, the insurance company will not shoulder the damage cost of these.

Basic Plus Contents

This applies the same coverage of Basic Protection and adds on it the contents of the rental property. Like Fire Insurance, it is also considered an essential insurance coverage for rental property.
Liability Insurance

You are at risk of being sued by your tenants. Therefore, liability insurance covers your legal costs and the liability claims that the court has ordered for your tenants. This type of insurance coverage is highly recommended for rental property owners.

Author of the article recommends Discount Landlord to buy to let insurance, landlord insurance, and other types of insurance cover for properties & individuals.