Landlord insurance is a kind of insurance policy tailored for landlords and property owners or managers. Landlord insurance covers a property owner from financial losses connected with rental properties. This type of policy typically covers the building, with the option of insuring any contents that are inside that belong to the landlord.
A landlord insurance policy normally covers standard perils such as fire, lightning, explosion, earthquake, storm, floods, water/oil leaks, subsidence, theft and malicious damage. Each insurance policy is different, and may or may not include all of the causes mentioned. Optional coverage might include accidental damage, malicious damage by tenant, terrorism, legal protection, alternative accommodation costs, contents insurance, rent guarantee insurance, and liability insurance.
Importance of Landlord Insurance
Aside from the circumstances mentioned above, the importance of landlord insurance can also be felt when dealing with difficult tenants. Whether you are a residential or commercial landlord, tenants who are falling into rent arrears can be a tough thing to handle. Landlord insurance can compensate for the costs in time and resources, and the inconvenience of delayed rent. Landlord insurance can also protect you from broken tenancy agreements.
Landlord insurance may also cover cost for repairs. The cost of numerous minor repairs can easily add up and, without insurance, can impact on your income. From plumbing to roofing, boilers and heaters and A/C, landlord insurance can help you with the cost for the repairs of these essential items in a home or building.
Professional Providers of Landlord Insurance
Keystone Risk Management Inc. is aware of how we all live in an unstable and unpredictable world. We know that without landlord insurance, property owners will not have protection against the risks that with the business. We want to help each landlord to design a plan that will help them against the risks of additional costs arising from unforeseen and unfortunate events.
Landlord insurance policies typically do not cover any personal property belonging to tenants, or otherwise protect the interest of tenants; although a liability policy protecting a landlord or property manager will be of benefit to tenants should they incur a loss for which the landlord is responsible. Keystone Risk Management is knowledgeable in all of these, and we are ready to answer any of your questions.
Contact us today to find out more about landlord insurance.