Rental properties are an asset and taking good care of the property is essential to attract tenants. Being a landlord of a property, you are liable to several risks and expenses that can be reduced to a great extent with the right landlord insurance cover.
What does the Landlord Insurance cover?
Safeco landlord insurance reviews have shown that it is advantageous to buy a landlord insurance cover for the protection of the property and the landlord.
Let’s see what do the insurance companies cover in landlord insurance:
- Property damage: this clause covers any damage to the building structure and personal property in an event that the building is hit by fire, faces storm, encounters theft, tenant damage, or if vandalism occurs. If the property undergoes a total loss, your landlord insurance policy is liable to cover the complete replacement cost for the whole property.
- Cover against loss of income: this policy covers you against the loss of income when you have no tenants. This might be a case when your property becomes uninhabitable due to storm or fire. With this cover, you get rental reimbursement to prevent you from losing the income that you earn from the rent.
- Liability cover: there are situations when your tenants might be injured or incur damage because of your fault. For example, a rusted iron rod might cause a tenant’s valuable documents to rust. The tenant might file a liability claim against you. There also might be property damages that might hurt the tenant. Landlord insurance will cover you against such expenses and cases.
- Add on coverage: additional coverages like natural disaster insurance, employer liability insurance, rent guarantee insurance, etc. can protect you from such natural calamities and other risks.
Why is Landlord Insurance important?
To stay protected from liability claims and expenses against property damage, landlord insurance is a lot more than home insurance. If a tenant or a visitor gets injured because of an accident happening on your premises, you might face a liability claim. The third-party might also file a lawsuit against you. To cover the expenses, landlord insurance is necessary.
- Protection against financial losses occurring due to natural disasters, accidents or other accidents.
- Fulfills for loss of rent
- Covers repairs and replacement cost
- Saves repairs cost that might occur due to tenants. You will not have to spend from your own pocket if you have landlord insurance.
These aspects will not be covered under normal home insurance. A rental property needs to be protected and
prove to be of great benefit.
Expenses on a landlord insurance
Premium costs for landlord insurance are dependent on the following factors:
- Property size
- Geographical location and probable risks involved.
- Number of rental units in the property
- Presence of security systems like fire and burglar alarms in the property.
Being a landlord is not an easy task. It is more than painting the house after each tenant has left the property. Your home is your duty and its protection against any damage is your responsibility.
Safeco has multiple policies to take care of every such situation. Getting in touch with a Safeco insurance agent will help you determine the best coverage options.
To know more details about the landlord insurance or such related information, click here –