Landlord insurance is a policy for someone who rents out a home they own. This type of insurance typically includes two different types of coverage: property and liability protection. Both coverages are intended to help protect you, the landlord, from financial losses.
If you are renting out a primary residence long-term or short-term, you will need specialized landlord insurance to protect yourself against accidents and claims. Renting your space out to other people can bring a lot of risk and Avalon Insurance Agency is here to protect you against that risk. Our experienced agents will work with you to tailor a landlord insurance policy for reliable protection.
What Does Landlord Insurance Cover?
Landlord insurance covers three main areas:
Property Damage: Property damage covers the physical home, such as dwelling coverage under homeowners insurance. It can cover the physical structure of your home against fire, wind, hail, lightning, snow, vandalism and more. It may also cover your personal property that is left in the rented space, such as furniture or televisions.
Liability: Liability is crucial to protect yourself against lawsuits and compensate your renters for damages and injuries they may suffer. Liability insurance may cover medical bills for a renter or visitor injured on the rented property as well as legal expenses in case a lawsuit is filed against you.
Loss of Rental Income: Loss of rental income applies when your home is damaged by a covered event and can no longer be used as a rental property. For example, if a tornado destroys half of the rental property and renders it uninhabitable, loss of rental income can help supplement that lost rent.
You may also be interested in additional coverage endorsement and riders such as:
Non-Occupied Dwelling Endorsement: This insurance can cover you while the property is vacant for 30 days. Most policies do not cover a property while it is unoccupied, so this endorsement fills the gap while you don’t have a tenant.
Heating or Air Conditioning Loss Reimbursement: If there is a mechanical breakdown of your home’s heating or cooling system, this insurance can help reimburse you for repairs or replacements.
Common Landlord Insurance Questions
How Much Landlord Insurance Do I Need?
The amount of landlord insurance you need depends on a variety of factors, including the value of your rental property. Call Avalon Insurance Agency to discuss the amount of coverage you need.
How Much Does Landlord Insurance Cost?
The cost of landlord insurance depends on coverage limits, location, the value of the insured home and more. Fill out an online quote form to find out how much you can save on landlord insurance.
How Does Landlord Insurance Work?
Similar to a standard home insurance policy, you may pay for landlord insurance through monthly premiums. As long as the policy is active, you can file a claim to receive compensation for damages and injuries.
Why Get Landlord Insurance?
Landlord insurance is critical if you plan on renting out a property you own. This insurance can protect you from heavy financial loss while someone is renting an area of your home.
Contact Us Today!
We are dedicated to making insurance affordable and easy. Call Avalon Insurance Agency today or fill out an online quote form to get started.