If you’ve been a landlord for a long time, you probably know what insurances you should have to protect your investments. On the other hand, if you’ve been a landlord for a long time, you might have gotten into the business when insurance was not something that many people thought about. Landlord insurance is not required by law, but if you have rentals, you’d be wise to consider it. 

It’s All About The Protection

In order to protect yourself, your property, or your belongings, landlord insurance is not just a good idea; it’s a necessity. It provides coverage to you against financial loss from everything from fire to loss of income should your rentals become uninhabitable from reasons beyond your control. What you should get depends on what you think you need. Some of the more common policies are:

  • Property Damage. This covers your buildings and any property that you might have in them. Coverage includes damages that can result from fires, storms, theft, vandalism, and (sometimes) damage done by residents. Speak with your agent to know exactly what is covered. 
  • Liability. This is the policy that will protect you from liability claims and lawsuits. If someone slips on an icy sidewalk outside of one of your buildings and becomes injured in the fall, you might be liable for their medical bills; and more. This will also cover you if you were negligent in fixing a leaking pipe that ended up damaging a resident’s personal property. 
  • Loss of income. You might be able to find compensation for a rental that is uninhabitable due to a covered loss like storm or fire damage. It’s a rental reimbursement plan that will keep you from losing income. 
  • Optional coverage. There are many other options for landlords that include rent guarantee, insurance for contents (such as carpeting, appliances, or furnishings), and natural disaster insurance. Your agent can give you the options that you should consider. 

Give yourself the best chance to ensure that you’re protected when the unexpected happens.  Occupancy Solutions LLC can answer any questions you have on insurance needs so that you’ll pick the right policies for your rentals. Give us a call and let us help you get the right protection before you need it. You can’t plan everything and no one knows what the future holds, but be prepared so that when the bad times come, you’ll get through them with less pain and suffering.