Investment properties require a different of type pf insurance than you’d need for your home. A standard homeowners insurance policy only covers homes that are primary residences, so it won’t cover any damage or liability issues that occur when you rent out your home to others. Further, if your rental property is owned by an LLC or some other business entity, it’s important to insure it in the business’ name in order to maintain the protection of your personal assets.
Landlord insurance provides financial protection if your rental property is damaged, becomes unlivable after a catastrophic event such as a fire or a storm, or if someone is hurt on the property.
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Insurance policies vary, but most landlord insurance policies offer coverage for the following:
Property Damage Insurance: A landlord policy typically covers any physical damage to the home that's caused by fire, bad weather or criminal activity such as a break-in. It also covers any additional buildings, including a shed or detached garage. Equipment, like lawn mowers and snow blowers kept on the property to maintain it, is also covered.
Liability Insurance: If someone is hurt while living in the rental property or visiting it, landlord insurance can help cover that person’s medical costs, legal fees and settlements.
Loss of Income Insurance: If your rental property is damaged by a covered loss, such as a fire or tornado, and the damage keeps you from renting it out, most policies will reimburse you for the income lost during that time.
What landlord insurance doesn't cover: Landlord insurance doesn't cover a tenant's belongings. For example, if the tenant's car, furniture and antique china collection are lost in a fire, landlord insurance doesn't cover that. You should encourage your tenants to get renters insurance to cover their belongings.