This type of insurance coverage is intended to protect a residential property from any damages resulting from natural events, accident or from man-caused actions. The usual policy will cover the structural elements of a property like the foundation, electrical and plumbing, doors, windows, roofs among other items. Also, any exterior construction such as fences, gates or walkways could also be covered by this kind of insurance.
Landlord insurance is designed for those who own residential properties that are rented to tenants. So, instead of offering insurance protection for the renters, this coverage is meant to protect the landlord’s interests. If the rental properties are apartments, condos, townhomes, or single-family homes, it matters not for they all are typically covered by good landlord insurance.
Landlord insurance is like other insurance in that monthly premiums and deductibles are all integral aspects to the kinds of coverage in effect. The determination of the final annual policy amount for the rental property owner is all determined with these considerations. A claim can be filed to obtain compensation in order to repair structural damage or to repair or replace detached items like appliances, sheds and other costly items that are landlord-owned but used by tenants.
Landlord insurance is desiged to help by providing financial protection against such things as fires that are accidentally set or ones even ignited by arson. This insurance can be used to fully rebuild a property that has completely been burned down or to simply repair damaged parts of the dwelling.
The most compensation a policyholder will enjoy is directly related to the market value of the covered property at the time of its damage or destruction. This type of coverage can also provide compensation for property damage due to weather-related events like thunderstorms, tornadoes, hurricanes and snowstorms. With this kind of a policy, even vandalism and other purposeful acts of damage will be covered.
A big benefit in purchasing good landlord insurance is the attainment of the invaluable peace of mind that comes in the knowing that you are protected and can even receive monetary help for lost income if a tenant needs to be evicted. Renters are often relocated from a property rendered uninhabitable due to various unexpected issues and, in this case, a landlord may file a claim and receive payment that is almost equal to the sum that would have been collected had nothing happened. Should tenant damage to a rental home or apartment appear, with this coverage the owner can avoid out-of-pocket expenses for repairs. Call an insurance professional today to find out more.