Landlord Insurance

Landlord insurance provides property investors with asset protection and mitigates exposure to liabilities arising from property lawsuits.

As a landlord, you want to generate the best return on your investment, and that requires keeping your costs down. But foregoing landlord insurance altogether is not a sensible option because this puts your entire investment at risk. The goal is to find the right policy at the lowest possible rate.

Landlord Insurance Coverage

A landlord insurance policy is very similar to that of a homeowners insurance policy, but with differing levels of coverage for certain items. For example, landlords do not normally need much coverage for personal property because you are not responsible for the personal property of your tenants (they should obtain their own renters insurance). You are also likely to want greater coverage for loss of income in case your property is damaged and you are unable to rent it out.

The coverages provided by a typical landlord insurance policy are detailed below:

• Coverage for the Dwelling Structure

  Coverage for the dwelling itself is generally considered the primary component of landlord insurance due to its relative valuation.

• Coverage for Other Structures

  Structures on your land that are not attached from the main dwelling, such as a shed or garage, fall within their own special category. The amount of coverage for these structures is generally capped at 10 percent of the value of the dwelling.

• Coverage for the Landlord's Personal Property

  As noted above, tenants are responsible for insuring their own personal belongings, therefore you just need coverage for your own items stored on the property or made available to the tenants, such as furniture, appliances, and gardening equipment.

• Liability Coverage

  Liability coverage protects you against property lawsuits and bodily injury claims arising from accidents that happen on your property, or are caused by your property (for example, a tree overhanging the sidewalk, or a tile falling from your roof), up to specified limits.

• Loss of Income Coverage

  In the event you are temporarily unable to let out your property due to damage from a covered peril, compensation for loss of income, up to certain limits, prevents you suffering further loss.

• Additional Coverages

  Coverage for additional expenses helps you out with other costs, such as fire department charges, debris removal, and damage to trees (except by wind and ice) arising from a covered event.

Landlord Insurance Quotes

By comparing landlord insurance quotes you will know you are getting the best rate. That's where we can help you. We are independent specialists in sourcing landlord insurance quotes. Just provide us with the details of your property, starting with your zip code above, and we arrange competitive landlord insurance quotes from insurance companies serving your state.

September 3, 2010