Landlord Homeowners Insurance

Landlord homeowners insurance is a type of coverage that is going to be completely essential if you are renting a piece of property. Many people that have purchased real estate have come to realize some of the economic potential that comes from being a property owner. The purchase of a house or condo can often require many years of saving and planning, and sometimes people will decide to rent in order to make up for these costs or just as a way to get some extra income. But a landlord still has a lot of responsibilities when it comes to protecting the investment that they have made in their property, and there are several things that you will want to learn before purchasing landlord homeowners insurance.

One of the main aspects or features of your landlord homeowners insurance policy is going to be the protection that it provides from certain hazards. A hazard like fire is going to be covered on most homeowners insurance policies, while others like flood damage may not be included. A landlord must remember that as the owner of the property, they are still going to be responsible for making any repairs when it comes to damages to their dwelling. In this article, we will go over some of the provisions that you will need to consider if you are renting a property and shopping for house insurance, and some of the provisions that will not be part of your responsibility as well.

Types of Coverage

Most people that search for Landlord homeowners insurance are going to be primarily interested in two types of coverage: dwelling and liability. This is a bit different from your basic homeowners insurance for your residence in that you will not necessarily need to worry about finding protection for the belongings that are contained within the property. The tenants will be required to purchase protection for their belongings should they decide to, and the landlord will not be held responsible for any losses to personal items. However, if you own appliances and furniture in the home, you may want to add these items to your Landlord homeowners insurance.

The dwelling coverage that you purchase in your Landlord homeowners insurance should cover the home or condo that you are renting as well as any other structures that make up part of the property. A good dwelling coverage policy will have full replacement cost protection for all of the different hazards that may come up. Take the time to compare all of the different companies and quotes and locate the providers that can give you the most affordable dwelling coverage in your homeowners insurance plan.

Liability protection is going to be specifically important for a landlord. This is because these individuals often face a higher number of court cases and legal problems that a normal homeowner would face. If your tenants are injured or feel as they are wronged due to your behavior as a landlord, they may be able to open expensive and time-consuming lawsuits. With good liability protection in your landlord homeowners insurance plan, you can effectively escape a lot of the financial repercussions of a lawsuit or legal action.

Cheap Protection

Because many landlords will be paying premiums for both their personal homes and their rented property, they are going to want to find homeowners insurance that is very affordable. With so many companies that offer policies online, it should not be difficult to locate landlord homeowners insurance that is very cheap. There are a few specific things that you will want to pay attention to when shopping for the lowest quotes and most competitive offers.

Online shoppers will want to search for the homeowners insurance companies that can give them discounts on their policies and coverage options. A good discount will mean that you can effectively save hundreds of dollars on your annual rates for your policy. Some of the best discounts are typically going to be given to the individuals that have managed to maintain good credit and meet other criteria that have been established by the providers. Also, you may be able to get big discounts on your homeowners insurance if you install extra smoke alarms, security systems and other preventative measures that will increase the safety and security of your property.

Some people are going to waste a lot of time searching for their landlord homeowners insurance because they will not know where to look or how to effectively compare their options. Instead of comparing all of the choices one by one, you will want to use modern resources to instantly compare all of the options and make the best decisions. Within minutes you can make these comparisons and get the kind of protection that you need to protect your rental and your liability as a Landlord.

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What People Are Saying

"We found your site and changed policies after paying a huge deductible when a storm layed a tree in our living room. Our new deductible is almost 30% less and our monthly payment also went down. Thanks!"

- Sharon and Lewis K, St Louis MO