For those who own rental properties, landlord insurance provides coverage from financial loss that can be a result of damages that occur to a property. As with most types of insurance, there are multiple different options you can choose from as a rental property owner. Let’s take a look at what some of these are below.
This insurance covers damage that occurs to your buildings and any person property due to things such as storm damage, fire, vandalism, tenant damage, and theft. In most cases, this type of landlord insurance will cover the replacement costs for the entire rental property in the case an event is deemed as a total loss.
Loss of Income
This Youi Landlord Insurance https://www.youi.com.au/home-insurance/landlord policy reimburses you for any losses in rental income due to damage that makes the rental property uninhabitable. This is a way to ensure that you will always have a flow of income coming in from your rental properties no matter what.
This particular type of landlord insurance is intended to protect you from any liability lawsuits or claims. This could be a person that was injured on your property. Some of these costs include medical expenses, funeral costs, legal fees, judgment fees, and settlement fees.
Rent Guarantee Insurance
This insurance protects landlords from loss rent payments. This is ideal for situations where tenants stop paying rent and times where you are working through the eviction process with a tenant.
In most states, there is a certain time frame, typically 30 to 60 days, that a landlord must give a tenant to remove their belongings after an eviction notice is served. During this time it’s highly unlikely you will be paid by the tenant. Rent guarantee insurance will allow you to get paid by your insurance company for the rent until the evicted tenant moves out and you’re able to re-rent the property.
Legal Assistance Insurance
This landlord insurance coverage add-on is intended to cover any legal costs associated with covering rent and evicting a non-paying tenant.
Landlord Contents Insurance
This is a specialized optional insurance that landlords may invest in. This policy will cover damages to any furnished properties. This can include inside furnishings as well as outside furnishings, such as garden items.
These are just some of the many types of insurance policies that you can take advantage of as a landlord. While most towns do not require landlords to have coverage, this type of insurance is a good investment to help protect you against major financial loss in the future.