Does a Landlord Need Landlord Insurance?
Landlord insurance is needed for property rented out by a property owner to tenants. It is important for a landlord to have protection from financial losses. Landlord insurance is one way for these property owners to get some form of protection. If you are a landlord, then you do need this coverage.
This insurance covers a variety of mishaps. These incidents include but are not limited to damage caused by fire, nature, break-ins, and vandalism. It also includes loss of income in case a property becomes unlivable and protection from potential lawsuits and claims against you or your properties.
Optional coverage includes rent guarantee, which ensures you still get your rent money if a tenant leaves without paying. There is also natural disaster and employer liability insurance if you have employees. Content insurance protects your personal furnishings, such as appliances or carpets that you place in rental properties.
Should I Buy Landlord Insurance?
The short answer is yes, any landlord should have landlord insurance. It is wise to invest in an insurance policy to protect yourself and your assets. Your tenants and the real estate community will view you as a responsible property owner. And your reputation is important, as it affects your ability to attract tenants. But keep in mind that your landlord insurance does not cover your tenant’s personal property. They will need renter’s insurance for that.