If you have an income-generating property, you have more reasons to shield it against damage and loss. Whether you are leasing an apartment, a house, or a condo unit, you need to secure landlord insurance to avoid financial risk.
Landlord insurance insures you, your rental property, your personal belongings within the property, and your rental income against certain risks.
While insurance coverage varies from one insurer to the other, landlord insurance policies generally provide the following coverage:
Property damage coverage
This covers any damage to your dwelling caused by bad weather, theft, fire, vandalism, or irresponsible renters. Damage could be in any section of your property, such as the roof and walls. The coverage also extends to any detached structures within your property, such as garages, sheds, and fences, and equipment kept in your property, such as snow blowers and lawnmowers.
A tenant or visitor who is hurt within your property may sue you for injuries. Liability coverage deals with this by paying for your legal expenses as well as their medical bills. Slippery walkways and any maintenance work done on your property are some of the risks that could lead to injuries.
Loss of income coverage
If a wildfire, fire, or severe storm damages your rental property and temporarily prevents you from renting it out, this coverage reimburses lost income.
We at Beasy Insurance Services cater to clients in Arizona and California. If you’re looking for insurance to protect your rental property, we are ready to help tailor-fit a policy that is just right for you.
Contact us online for a quick quote.