Long-time landlords are familiar with the term landlord insurance. It’s something that anyone should know if they’re new to the rental industry, are considering renting a second home, or even a room, to someone to generate a little extra income.
Landlord insurance, known within the insurance industry as rental property insurance, provides landlords with protections not available with traditional homeowner’s policies. Insurance for landlords provides property damage and liability coverage, and can even cover payments for loss of income if the space can’t be rented due to needed renovations or property repair.
The coverage helps landlords pay to repair damage to an apartment, house, condo or room being rented. It typically covers damage due to fire, wind, lightning and hail – along with other covered damage as outlined in the specific policy. Not all landlord policies provide the exact same coverage and protections. It may also cover damage to appliances and amenities made available to renters, along with damage they may cause to outbuildings, fences and similar structures.
Accidents can happen at any time, especially when people are new to their surroundings. Landlord insurance provides medical coverage for injuries sustained by renters or their guests during their rental period. It can also help landlords pay legal expenses if someone is injured and they’re found to be responsible.
Renters should be advised that their personal property isn’t covered under the landlord’s insurance. They’ll need to obtain a renter’s policy. Conversely, personal items such as electronics or bikes that a landlord leaves at the rental space won’t be covered under the policy. For landlords, liability insurance may cover the cost of equipment used to maintain the rental property if it’s damaged.
Landlords have additional coverage options available with their policy. They can choose coverage for vandalism, burglary and protection for rental structures under renovation. Coverage for the cost of updating properties to meet current building codes is another option if the rental space is being repaired or replaced.
For more information about how The Sena Group can help you with any
of your insurance needs, please contact us at 561-391-4661.
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The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487