Rental Property Insurance
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Rental Property Insurance
Rental Property Insurance covers landlords and property owners, giving them financial protection against damages, liability claims, and loss of rental income.
This article will tell you everything you need to know about rental property insurance, including what it covers, how it differs from homeowners insurance, and how much it costs.
What Is Rental Property Insurance?
Rental Property Insurance also called Landlord Insurance, protects owners who rent out their homes or units. It differs from homeowners insurance, which covers a property you live in. Rental property insurance has an impact on properties used for rental purposes.
This insurance covers the physical structure, the landlord's personal property used to maintain the place, and liabilities that might result from accidents or injuries on the property.
What Does Rental Property Insurance Cover?
Rental Property Insurance offers key coverages to protect the property and the landlord's interests. Here are the main areas it covers:
Dwelling Coverage
- Home insurance protects the physical structure of your rental property from damage caused by perils such as fire, wind, hail, and vandalism. It helps pay to repair or rebuild if a covered event damages or destroys your property.
Personal Property
- If you own personal items at the rental property (such as appliances or maintenance tools), rental property insurance covers the costs of replacing or repairing them if someone damages or steals them. This coverage applies to items the landlord owns, not the tenant.
Loss of Income
- If your rental property becomes unlivable because of damage from a covered risk, income loss coverage makes up for the rent money you'd miss out on while fixes happen. This makes sure you don't face money troubles while your property gets fixed up.
Liability Coverage
- If a renter or guest gets hurt on your property, liability coverage helps pay for the medical bills and lawyer fees tied to the injury. It also pays for damages if the renter sues you for not being careful enough.
Homeowners Insurance vs. Landlord Insurance
A lot of property owners think that a regular homeowners insurance plan will protect a rental property. But this isn't true. Homeowners insurance is made to cover homes where the owner lives, while landlord insurance is meant just for rental properties.
Main differences include:
- Protection for rental income: Landlord insurance has coverage for lost income, which homeowners insurance doesn't give.
- Protection from lawsuits: Landlord insurance offers better liability coverage that takes into account risks linked to tenants and visitors.
- Personal stuff: Homeowners insurance protects the personal things of the homeowner, while landlord insurance covers property used to maintain the rental unit (like appliances tools).
Costs of Rental Property Insurance
The price of Rental Property Insurance changes based on several things, including:
Rental Property Insurance will set you back $800 to $2,500 each year, based on these aspects.
Get Rental Property Insurance Quotes
To keep your rental property safe, you need to get the right coverage from a company you can trust. Check out BuildersRisk.net now to compare prices and find the best insurance for your rental property that fits your needs. If you own one rental unit or several properties, BuildersRisk.net has insurance options you can customize to protect your investments.
