Being a landlord allows you to make the most out of the properties you own, but there are risks involved that require protection. isure can help in this regard, and we will offer you the right coverage to ensure you’re adequately protected for the future.
Planning to invest in a property you will not be living in? Our team of knowledgeable brokers will ensure you have the right type of insurance and discuss the type of coverage(s) you will need. Landlord insurance is ideal, as this type of coverage will protect property owners from financial losses related to their rental properties. Coverage for your building and the contents you own on the property fall under your policy, and coverage for liability arising from property ownership or loss of rental income is also included. We will discuss all of this information with you in detail to help you understand your policy and what you can expect.
A property owner insurance policy will cover damage to your property, and components like walls, fixtures, and floors would be included. However, they would be subject to the terms of your policy, which will indicate the risks you are covered against. This type of insurance will also ensure any lost rental income is replaced if your tenants need to vacate the premises due to a covered loss. Landlord insurance will also cover you if you are legally liable for injuries or property damage to a third party.
Costs will vary depending on what is covered, the value of your property, and its location. We will walk you through the details and answer all your questions so that you are comfortable with your policy. We will provide you with a rate based on your specific details, so do not hesitate to give us a call if you are interested in residential landlord insurance.
General Liability Insurance for Residential Landlords
General liability insurance covers costs, both physically and legally associated with damage sustained while occupying or visiting your property. If you do not clear your tenant’s walkway after it snows and they slip, fall and hurt themselves, you may be liable to pay for their damages. Similarly, if a tenant’s car is parked in the designated parking space, but glass from a window falls and damages the car, you could be liable to replace the broken car. With general liability insurance, these are the sorts of costs that are covered.
Content Insurance for Residential Landlords
As a landlord, your rental property may come with some contents. This typically includes appliances, such as stoves, fridges and a washer or dryer. Content insurance can cover costs associated with accidental damage due to lightning, fire or flooding. Content insurance does not typically cover the belongings of your tenants and typically won’t cover intentional damage or natural wear-and-tear.
Content Insurance for Residential Landlords
As a landlord, your rental property may come with some contents. This typically includes appliances, such as stoves, fridges and a washer or dryer. Content insurance can cover costs associated with accidental damage due to lightning, fire or flooding. Content insurance does not typically cover the belongings of your tenants and typically won’t cover intentional damage or natural wear-and-tear.
Property Insurance
Property insurance is not that different from regular home insurance. Property insurance policies typically cover your building structure from natural damages, like fire, explosion and weather-related damage. On each policy, there is usually an option to include other property structures as well. So, if you have a shed or an external garage, your property coverage can be expanded to include such structures. Property damage as a result of theft and criminal activity or vandalism may also be covered in your property insurance policy.
Loss Of Rental Income
In the event your rental property is destroyed or damaged to the point that renters are unable to live there, you cannot charge rent. This can prove to be a big issue for landlords who rely on rent as an income. When you purchase loss of rental income insurance, your coverage will pay the missing funds until your renters can re-enter and begin living in the dwelling again.
All of our policies can be customized to adapt to your exact needs, no matter how big or small. If you are a residential landlord, call an isure insurance broker today to discuss your specific concerns and learn which policies can keep you covered when disaster strikes
Loss Of Rental Income
In the event your rental property is destroyed or damaged to the point that renters are unable to live there, you cannot charge rent. This can prove to be a big issue for landlords who rely on rent as an income. When you purchase loss of rental income insurance, your coverage will pay the missing funds until your renters can re-enter and begin living in the dwelling again.
All of our policies can be customized to adapt to your exact needs, no matter how big or small. If you are a residential landlord, call an isure insurance broker today to discuss your specific concerns and learn which policies can keep you covered when disaster strikes