Landlord Insurance
Landlord insurance is a type of insurance policy that provides coverage for property owners who rent out their property to tenants. Landlord insurance policies typically cover damage to the building, liability protection for the property owner, and loss of rental income due to a covered event.
When a landlord purchases a landlord insurance policy, they pay a premium to the insurance company. The specifics of the policy can vary depending on the insurance company and the policy.
When a covered event occurs, the landlord files a claim with the insurance company. The insurance company then sends an adjuster to assess the damage and determine the amount of the claim. If the claim is approved, the insurance company will pay the landlord the agreed-upon amount of the claim, minus any deductible.
The deductible is the amount that the landlord is responsible for paying out of pocket before the insurance company pays the remainder of the claim. For example, if the landlord has a $1,000 deductible and files a claim for $10,000 in damages, they would be responsible for paying $1,000, and the insurance company would pay the remaining $9,000.
Typically landlord insurance policies cover:
Property damage: Landlord insurance policies provide coverage for damage to the building caused by specific events, such as fire, wind, hail, or vandalism.
Liability protection: Landlord insurance policies also provide liability protection for the landlord in case a tenant or visitor is injured on the property and the landlord is found to be liable for the injury.
Loss of rental income: If the property becomes uninhabitable due to a covered event, such as a fire or a natural disaster, landlord insurance policies may also provide coverage for loss of rental income that the landlord would have received from tenants during the time the property is being repaired.
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