Insurance By Trade
Landlord Insurance
Landlord Insurance
Also referred to as buy-to-let home insurance, landlord insurance covers the policyholder against property damage to your rental property and also liability coverage for if and when someone is injured in the property.
It also covers you as the property owner against lost rental income arising from things that make the home uninhabitable like termites, severe mold, a sinkhole, or a rat infection.
As your landlord business goes from strength to strength, we will continue to provide insurance guidance and support that will give you peace of mind.
Recommended POLICIES
- Commercial General Liability Insurance
- Commercial Property Coverage
- Loss of Income Coverage
- Equipment Breakdown Coverage
We will find the best coverage at the best price for your specific business and needs.
Do You Have A Landlord Insurance Policy Yet?
With one or more rental units you may still think of yourself simply as a landlord, but is there more to it? For instance, if you now employ a groundskeeper and a maintenance engineer or handyman to maintain your rental properties or repair property damage, you instantly have more responsibilities.
Perhaps you also employ a rental agent to show vacant rental units, collect rents and process leases. Don’t forget the tenants you pay to clean and refurbish rental properties after move outs.
They are employees if you have them on your payroll. What does this mean to a landlord like you? Businesses are required by law to provide workers compensation to employees. And this is just one of the insurance policies you should have if your intention is to grow your rental property business.
5 Best Reasons to get Landlord Insurance
Protect Your Reputation
Insurance protects against employees misrepresenting your company.
Plan For The Future
Insurance protects against unforeseen risks.
Lawsuit Protection
Vital protection in a litigious society.
Prevent Financial Ruin
Insurance helps your business survive disaster.
Get Peace of Mind
Insurance that protects the little guy.
Being A Landlord Can Be Expensive
It’s likely your rental property, whether single family homes, 3 flats, or a condo complex, is mortgaged. You may be paying your mortgage, taxes, insurance and maintenance out of your rental income. Water damage from floods, fires and other natural disasters can render rental property uninhabitable for months while repair and refurbishment is completed.
How will you meet your obligations each month? You risk loss of rental income or even result in foreclosure because you cannot pay the mortgage. If you already have property owners insurance, it could be a good time to check that your property coverage is still adequate. Your investment properties may need additional coverage.
How Much Will Landlord Insurance Cost You?
Policies for different properties have different insurance rates because they are not built the same. The landlord insurance rate for the rental property is based on the building cost and quality of materials. You may get discounts for some safety features like security alarms and fire sprinklers. That being said, there are some factors that have an impact on your landlord insurance policy and they include:
- The condition of the rental property, for example, normal wear and tear.
- The number of units the property comprises.
- The amount of money you pay for the replacement of your rental property.
- The age of the property.
- The location.
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What Landlord Insurance Do I Need?
Commercial General Liability Insurance
This coverage protects rental property owners against claims of alleged or actual bodily injury or property damage to third parties (these include visitors, tenants, delivery persons, etc.). The general liability coverage is important in protecting you from lawsuits.
Commercial Property Coverage
This insurance coverage will protect you against the loss of your apartment building as well as other type of buildings and structures like offices, and garages, swimming pools, storage buildings and fences within the complex.
Loss of Income Coverage
This insurance coverage reimburses apartment owners for the loss of income due to damage by a covered loss (like fire or storm).
Equipment Breakdown Coverage
As a building owner, you might have heating and cooling units, for example. This insurance coverage will typically apply to such equipment breakdown. The loss must be sudden and accidental. Wear and tear is not included in this type of insurance policy.
Landlord Insurance Or Homeowner’s Insurance?
Homeowner’s insurance and landlord insurance may sound similar, however the liability protection they offer is different. Landlord insurance features elements of both small business insurance and homeowner’s insurance to help protect the owner of a rental property from monetary losses. Take a look at the differences.
- A landlord insurance policy protects the property owner’s business or investment interest in a property while homeowners insurance protects the owner living in the home.
- Rental properties attract higher premiums compared to homes because tenants are less careful in properties they do not own. If you are a property title owner who doesn’t actually reside in the property, it is advisable to purchase landlord insurance
- Landlord insurance covers you against lost rental payments while homeowner’s insurance covers mortgage payments you fail to make due to loss of rental property use.
- In addition, landlord insurance will cover you if a tenant gets hurt on the property, but homeowners insurance will cover a guest who is hurt in your home.
- Landlord insurance doesn’t protect the personal property of renters. However homeowner’s insurance protects your home property and all things contained in it.
Are you unsure which insurance policy will suit your needs best? Contact us. or Get a free quote now.
Benefits of get insured by
Small Business Liability.com
Small Business Liability.com have created a comprehensive guide to the insurance required before starting a business for each of the specific professions listed below.
If you have any questions, we are staffed with experts in the insurance field willing to help.
With our expertice we can guide you to the right coverage for your business.
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