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Learning about Landlord Insurance
Landlord insurance is specifically for people who own rental property. These types of policies usually include the actual land, the building and appliances provided by the landlord. Landlord insurance is only necessary if the landlord has tenants. If a person has property with the intent of making it rental property, then they don’t need the insurance until they are ready to accept tenants.
Standard coverage provides financial assistance following certain disasters. For example, damage caused by severe storms, fire, or vandalism will be covered. Coverage varies by region so it’s important to get the proper coverage for your area. For example, you might need earthquake coverage if your property is in California.
There are other packages that can be added to standard coverage. A landlord can get content insurance that protects the contents or furnishings inside the building. Possibly the most useful is rent guarantee insurance, which covers the loss of rent should the property become uninhabitable. Then there is accidental insurance, which will cover the cost of damage due to an accident. Also useful is liability insurance for protection against injuries received by anyone on the property as well as the cost of any legal fees from a lawsuit.
The Importance of Coverage
It is important to have financial protection for rental property. You should at least cover the value of the investment. Have the property assessed to get adequate coverage. The purpose of landlord insurance is to protect the property, but also to avoid additional expenses in the event of damage.