What Is The Key Difference Between Building Insurance For Landlords And Homes?
It is important for one to know the policies of insurance companies
. This will help in an event of a claim. Many people assume these policies are all the same. Methods of settling claims and coverage can be different depending on the policies. This can be clearly seen in the difference between landlord and homeowner insurance.There is obviously a big difference between the homeowner and landlord insurance as it is assumed by insurance carriers that the homeowner will have some pride of ownership and therefore maintain the house in the best condition they can. Unlike tenants as most dont respect the house they live in and so they lack motivation and means to maintain the property they are living in.
There is a difference in the coverage offered for homeowners and landlords, for example:-
Dwelling coverage:
Homeowners get enough coverage to replace the whole home in case it is burnt to the ground. While landlords get enough coverage but the workmanship and the quality of the fixtures used are also low compared to those of a personal residence. Generally, coverage for personal property is higher than that of rental property.
Personal Property:
Enough coverage to replace personal property is provided by the insurance to homeowners in cases of calamities such as fire. The landlord has a limited need for personal property coverage as the landlord does not live there.
Liability Coverage:
Landlords exposure is much higher as tenants are likely to go after their landlord in cases of losses on the landlords property even though the loss might not have been caused by the landlord. It is therefore more expensive. Enough coverage is offered to protect the homeowners property from risks.
Landlords are managers of the property they rent to tenants therefore they can be held liable for their property despite the fact that they dont live in it. Buildings insurance for landlords is essential to deal with settling landlords liabilities. This type of insurance is somehow similar to homeowner insurance.
Landlords should be aware of the policies of the insurance, for example; that the building insurance for landlords only applies to the structures on the landlords property. It excludes items on the property that belong to the tenant.
Buildings insurance for landlords is so much important as it protects the landlord from damage costs. This is because the insurance company pays for the rebuilding of property. Without insurance, the landlords property is left vulnerable and with time, the property may become unfit for tenants to rent hence causing the landlord loss.
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