Landlord Insurance
Taking on a position as a landlord comes with a lot of responsibility. Depending on how many tenants you manage, whether you live on site, and many other factors, your schedule can be a lot to manage. As a landlord you have a lot of responsibilities and new issues can come up day or night, so it’s important to make every effort to make the job as easy as possible in other aspects.
Coverage Details
One way that you can keep the property protected is by enrolling into a landlord policy. This policy can help to keep the property itself protected as well as equipment used to manage the property protected as well.
This coverage usually includes help when covering damages to the home in the case of fire, lightning, wind or other related damages. It also can help cover damages to other parts of the property attached to the home like a garage or fencing. Although not as common, it can help to cover personal property like a lawnmower that is used to help maintain the property. It won’t however, cover other personal belongings that are left on the property.
It’s important to keep in mind that although a landlord policy can be of great help in various incidents, it is subject to the deductible and limits that included in your specific policy. As with all insurance, your deductive is the amount you have to pay for a loss until the insurance kicks in. Be sure that when you are discussing your policy that your deductible and limit are suited to the property you are managing.
Landlord Liability Protection
This portion of the policy is used to help pay for someone else’s bills or legal expenses if someone is injured on your property. This will come into play if your tenant suffers an injury that the court decides it was your fault due to whatever caused the injury at the property. This is another reason why it’s important that landlords are always on top of reports of things that need to be fixed on the property.
Additional Coverage
When deciding on what type of coverage your policy should include, you should think about the area, typical weather conditions, and the condition of the home itself. Some other types of coverage you may want to consider are vandalism, burglary, under construction, or building code. You can get more details on these options when discussing your plan with your agency.
What It Doesn’t Cover
There are plenty of reasons to consider a landlord policy, it’s also a good idea to be knowledgeable about what it does not cover. One of the major complaints that tenants have is when something on the property breaks and needs to be repaired. This is something that is not usually covered by a landlord policy so any maintenance tasks will need to be covered out of pocket.
These policies are traditionally made for those that don’t live on the property so if you are thinking about renting out a room, this policy will generally not work for you. You may have options, but it is something that you want to discuss with your agent or company that will be managing your policy.
Contact Us Today!
If you are in the market for a landlord policy or just have some questions about it, we would like the opportunity to discuss your options with you. Don’t hesitate to reach out to us at Willoughby Insurance in Buffalo today!