So What is Landlords' Insurance?Landlords' insurance is an insurance policy that covers a Landlord against damages to rental properties. The policy covers the insureds building, with the option of covering contents that belong to the landlord that are inside the property.
What is typically Covered With Landlord Insurance?The rental property insurance policy will normally cover standard perils such as fire, lightning, explosion, earthquake, storm, theft and vandalism. These perils will vary depending on the insurance policy you purchase and may or may not include all these items. Optional landlords' insurance coverage could include accidental damage, terrorism, legal (law suit) protection, loss of use costs, malicious damage by tenant, and liability insurance.
Landlords' insurance policies typically do not cover any personal property belonging to tenants, or otherwise protect the interest of tenants, but a liability policy protecting a landlord could cover tenants should they incur a loss for which the landlord is responsible. Landlords are encouraged to require their tenants to purchase and maintain a “renters insurance policy” of their own. This policy will not only protect the tenant’s personal property, but also serve as the “first line of coverage” against any damage and/or liability suits against the property caused by the tenants or their guests. This could help the landlord by preventing unnecessary claims on their insurance policy, resulting in lower insurance rates for the landlord. We are experts in rental property insurance in Chicago and Merrillville. Let us help you determine what coverage's are best suited for your insurance needs. We have several carriers that specialize in Landlord insurance. Contact us to learn more about the right landlords' insurance policy for your property. |
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