FRIDAY, NOVEMBER 19, 2021
If you rent out a property, you need landlord insurance to protect your building and your belongings inside. By having this coverage, you can rebuild or repair your building if there is a fire, theft or another covered claim. Without this insurance, you would have to pay out-of-pocket for potentially costly repairs—or face a financial loss if the damage is too extensive.
You have a few options when it comes to landlord insurance depending on your rental needs. A standard landlord policy can provide the needed protection if you rent your home to a full-time tenant. However, if you’re doing a short-term rental, you may be able to add an endorsement to your home insurance policy. But if you plan to rent regularly to short-term guests (e.g., Airbnb, Vrbo), you may need commercial insurance since this could be considered a business. The experienced agents at Nauertz Insurance Agency can help you make the appropriate choice for your rental property.
Renters aren’t generally liable for damages that occur in a rental property. Instead, the property owner is held responsible, which is another reason why landlord insurance is so essential.
Landlord insurance can provide you with a range of coverages. Common coverages included in landlord insurance include the following:
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Dwelling coverage—This generally covers your building’s structure from damage caused by fire, wind, storms, hail and lightning.
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Coverage for other structures—This policy offers protection if your property has other structures, such as a detached garage or fence.
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Liability protection—If a tenant slips and falls or has another accidental injury and sues you, landlord liability insurance can help with medical expenses.
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Personal property related to property maintenance—If you rent your building furnished or keep security cameras, lawnmowers, snowblowers or other personal items on-site to service your property, this is essential coverage to have.
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Loss-of-use coverage—This covers any missed rent payments if your rental property becomes uninhabitable due to a covered peril.
The cost of your landlord insurance depends on the amount it would take to rebuild your property if it’s damaged or destroyed. The size, age and type of construction of your property impact cost. Generally, the more expensive the rebuild is estimated to be, the higher the cost of your landlord insurance.
Contact Nauertz Insurance Agency and let us help you protect your rental asset with landlord insurance that provides you with peace of mind.
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