Many people who decide to rent their residential property believe that their Homeowner’s insurance will cover their property in the event of an accident or other damaging event. But, in fact, just the opposite is true. Most Homeowner policies only apply to owner-occupied homes which is just as it sounds: the owner of the property must live in the residence. As soon as you decide to rent your residential property to someone else, that Homeowner policy no longer provides coverage. This is when a Landlord insurance policy becomes a necessity. While Landlord insurance and Homeowner insurance policies are similar, there are some key differences to note:
- Similar to a Homeowner policy, Landlord insurance provides property damage coverage to insure your residence. There are several different types of property damage coverage. To get the full amount of your property insured without the risk of depreciation, ask for a Guaranteed Replacement Cost policy. It’s often slightly more expensive than an Actual Cash Value policy, but it will guarantee that you’ll be returned to pre-loss condition should you have a total loss of the property.
- A unique aspect to Landlord insurance is rental income loss coverage. If your residence is uninhabitable due to flooding, mold, or as a result of other covered losses, this coverage will provide you with the income that you would otherwise be collecting while the property is being repaired.
- Liability coverage is also a key component to Landlord insurance. If a tenant or a guest is hurt as a result of a maintenance issue on the property, Liability coverage will pay for the medical expenses resulting from the injury. Without this coverage, the landlord would be responsible for paying these medical costs out of pocket. Or, worse yet, the owner of the property would be vulnerable to litigation which could result in costs even greater than just the medical bills.
The best way to understand all of the options associated with a Landlord insurance policy is to ask a licensed agent in our office. We can assist you with assessing your insurance needs and provide you with some quotes from several of the top insurance companies.
Get A Quote For Your Landlord Insurance Today
Our licensed staff is ready to help you get multiple Landlord Insurance quotes. Because we’re an independent insurance agent we can shop from multiple insurance companies to help you find the right coverage at the right price.
Soleyon Insurance Partners, Inc. represents the top-rated insurance companies in Washington. We will compare pricing and coverage options finding you the best policy for your needs. Call us at: 425-208-0035 or click the get a quote button to have an agent start your quote.