subject: Leasing Property Insurance Plans Can be A Must Have For Every Landlord [print this page] Becoming a landlord is quite an undertaking because it entails wearing many hats. The individual must know how to make common repairs and quickly get up to speed regarding tenant-landlord rights and responsibilities. One of the first things a new landlord should do is obtain landlord's rental property insurance.
The benefits of insuring a rented dwelling include protecting the structure against damage and protecting the landlord in cases of legal or personal liability. The policy covers the rented structure, other private buildings including a shed or garage, and any personal items that are stored on the premises or provided by the landlord. A landlord can purchase a policy for various structures such as a single or multi-family building or a condominium.
Standard policies include provisions for liability, lost rental income, court charges, and the cost of legal defense. Liability protection covers the landlord during lawsuits related to property damage or bodily injury. This coverage may include a medical expense provision for people who are injured while on the premises. There is additional optional coverage that will protect the landlord in various situations.
Disaster can strike at any time, making the structure uninhabitable on either a permanent or temporary basis. Landlords who rely on rental income know that the last thing they want to worry about is how to pay their own bills if this cash flow ceases. Coverage for loss of rental income provides restitution to the landlord while the structure is repaired or rebuilt. Optional coverage, like water backup protection, is offered by some carriers. Water backup provisions protect landlords when the home or contents sustain damage resulting from water that backs up into the property.
No one wants to be on the defending end of a lawsuit and this is particularly uncomfortable for landlords who are being sued by their tenants. In these situations, some insurance companies assist the landlord with legal document preparation fees, attorney charges, and other expenses related to the lawsuit. Having a policy with a carrier that is available 24/7 allows the landlord to discuss lawsuit and claim-related issues any time.
Rental property insurance provides a level of financial protection that a landlord should not do without. It includes provisions for items such as liability, loss of rental income, legal defense, and court costs. Optional items like water backup coverage and extended policy limits are also available. Knowing that the rented property and he or she are covered provides the landlord with a feeling of security.
Leasing Property Insurance Plans Can be A Must Have For Every Landlord
By: Jill Cobert
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