If you are planning on renting out a home that you own, you are probably a candidate for landlord insurance. Typically this type of insurance included two different kinds of coverage: properly and liability protection. Both of these coverages are meant to protect you, as the landlord, form and financial losses.
Landlord Property Protection
Typically, this helps to cover the physical property related to the property that is being rented. This may include the dwelling itself as well as equipment kept on site for maintenance. Generally coverage includes:
- Other Structures
- Personal Property Utilized to Service the Dwelling
Landlord Liability Protection
This aspect of a landlord insurance policy can help to cover another person’s medical bills as well as your legal expenses if someone were to be injured on the property you are renting, and you were to be found responsible. For example, if a tenant were to fall down stairs at your rental and the court were to determine that it was due to your failure to maintain the stairs and/or the railing, then you may be held responsible to handle the legal, medical or other costs of your tenant. In this case, your landlord liability coverages can help to cover these expenses.
Additional Coverages to Consider
Depending on the condition, neighborhood, or geographic area of your rental, adding on certain optional coverages to your landlord policy is something you may want to consider. For example:
- Vandalism and Burglary
- Personal Umbrella Policy
- Rental Property Under Construction
- Building Codes
If you are considering renting out a property that you own, it is important to take the time to talk with a local agent and find out more about what options you have available to you. This is the best way in which you will be able to determine which coverages will best suit you and the property that you will be renting.