Landlord insurance provides coverage for the owner of the property for losses and/or damage connected with rental property. As a landlord, you need protection from financial loss as a result of damages to a rental property due to fire, break-in, severe weather, and more.
What Can Landlord Insurance Cover?
- Property damage. This covers damage to the building from fire, storm, theft, and vandalism.
- Liability. It will protect you against bodily injury to guests or tenants.
- Loss of rent or income. This insurance will help compensate you for lost income in the event that a rental property becomes uninhabitable due to a covered loss, such as a storm or apartment fire.
The short answer is no. If you are renting out part of your home or other property, your homeowner’s insurance will not apply. If you are renting on a short term basis, check with your agent; some insurers may offer coverage if it is a short term event.
You need landlord insurance when you do not occupy the same residence as your tenant. You will also need landlord insurance if you are renting out your own home temporarily, or sharing accommodations such as your basement level, with a renter.
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