As a landlord, you need protection to cover your property from the variable tenants that will be inhabiting your rooms.
Over 500 people become landlords in the U.S. every single day, according the Rental Protection Agency. If you are one of these and decided to rent out a home or apartment complex that you own, you may be a candidate for landlord insurance. This type of insurance typically includes two different types of coverage: liability and property. Both coverages are meant to do one thing, and one thing only: protect you, the landlord, from financial losses.
Landlord Liability Protection
This kind of protection may help you pay for your tenants’ medical bills or legal expenses if someone else is injured on your rental property and you’re found liable. For example, if one of your tenants falls down your stairs, and the court has determined that you did not have the adequate safety in place, you could be held responsible for your tenant’s, legal, and medical bills. This is where your landlord liability insurance may step in and help—you typically won’t have to pay a deductible for a liability claim.
Landlord Property Protection
The property protection in a landlord insurance policy typically protects against damage done to the place you are renting out.
- Dwelling: This protects the rental home, condo, or apartment from fire, lightning, wind, hail, or other losses that are named in the policy.
- Other structures: This part of your policy helps protect you against damages resulting from a covered loss to your rental property’s detached garage, shed, or fence.
- Personal property in the rental: If you rent any equipment to maintain your rental place, the insurance policy will cover it. However, it likely won’t include personal things like your bicycle or LED TV.
An insurance policy is there to cover you in case of an emergency. For that kind of help from a dedicated insurance professional, contact Pierce Insurance Group in McKinney, Texas! We’re here to meet all of your landlord insurance needs.