What Does Landlord Insurance Cover?
Landlord insurance typically covers lawsuits and damages related to:
- Personal injury: The policy covers any injuries caused by you or your tenants. You may be sued for not providing a safe place to live, such as by having broken steps leading to the door or no railing on a staircase.
- Property damage: If one of your tenants causes damage to another person’s property through negligence, such as by setting a fire in the apartment and it spreads to another home or apartment building, your policy will pay for repairs.
- Claims against others: If one of your tenants is sued because they hurt someone else, the policy will cover legal fees and damages awarded against that tenant. For example, if a tenant’s dog bites someone, the medical costs, legal fees and any damages awarded for mental anguish may be covered by your tenant’s policy.
Remember: You cannot substitute a homeowner’s insurance policy to cover you as a landlord, and your home insurance will not protect you if one of your tenants is sued or causes damage to someone else’s property.
Protecting your rental investment should be a no-brainer, but we understand – setting up insurance policies can be a pain in the neck. The good news is that we can do the hard work of finding you the best policy at the best price, with no hidden fees and no obligations. Click the link below to get started.