How Rental Property Insurance Benefits Landlords

Renting out your property to tenants can help provide flexible and convenient housing options within your community. However, entrusting homes, condos and other properties to other parties, especially if you may not be on-site, can expose you to significant financial risks. Additionally, as a landlord, you may be held liable if a tenant or other party alleges that you have failed to appropriately maintain your property. Given these inherent risks and exposures, rental property insurance can be critical.

How Does This Type of Insurance Work?

Rental property insurance should not be confused with renters insurance, which is a type of policy tenants often seek to protect their own belongings and financial interests. Instead, rental property insurance, also known as landlord insurance, focuses on covering your assets and interests.

What Can My Policy Cover?

Your landlord insurance can play a critical role in helping you protect and maintain your property and avoid potentially expensive out-of-pocket losses and costs. Your policy’s details may vary by carrier and can be customized to suit your unique situation. Consider prioritizing rental property insurance that includes the following protections:

• Structures coverage can assist with repair, restoration and rebuilding expenses after a covered incident, including fires, burst pipes, burglary, vandalism and certain types of severe weather.
• Personal property coverage may help manage losses involving items you leave at your rental, such as maintenance equipment and common area furniture.
• Landlord liability coverage can assist with financial ramifications should another party, such as tenants, guests or passersby, allege that you’re at fault for an incident from which they suffered injuries or property damage.
• Lost income coverage can mitigate losses if your property is temporarily uninhabitable due to a covered incident by replacing income you would’ve earned had you been able to rent it out.

Given this array of financial protections, the benefits of investing in appropriate rental property insurance should be clear. Conversely, lacking coverage could expose you to devastating losses.

How to Get Rental Property Insurance

If you’re a landlord in the Weatherford, TX, area, Associated Insurance is well-positioned to help address your coverage needs. Contact us today to get started.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.