5 Things for Landlords to Know About Insurance

You have the perfect rental property and it’s all ready for your first tenants! Now, it’s time to find the perfect insurance policy to protect YOU from potential losses. Here’s what you need to know:

  1. Not all policies are created equal
    Policies can range from restricted to extensive. If you take out a policy with “open perils” coverage, then it will tell you what is excluded; however if you’re only covered for “named perils”, then it will only tell you what is included. This is a huge distinction, so make sure you know what is on your policy.
  2. Liability insurance is a must
    Broad liability coverage is a necessity for landlords. Unfortunately, it is all too common for tenants to sue for wrongful eviction or wrongful entry. Liability coverage will protect against unexpected legal costs. In addition, if someone is injured on the property, you may be responsible for their medical costs and liability insurance will help cover that as well.
  3. Protect your personal property
    If you have any personal items on your rental property or if you provide a fully furnished apartment, then personal property protection is essential in order to recover your losses if those items are damaged.
  4. Make sure to protect yourself against rent loss
    If your building is damaged in a disaster like a fire or flood and your tenants are forced to move out, then you will be unable to collect income. Insurance will provide coverage for extended periods of non-occupancy due to covered damages.
  5. An independent agent can tailor a landlord insure policy to your needs
    Having an independent insurance agent is a great choice for landlords who need a custom policy, but don’t have time to look at all the options. An independent insurance agent can price compare all the different policies to make the best recommendation. Often, they will have access to special options that aren’t necessarily available to an average customer.

Get A Quote Now

If you need a custom landlord insurance policy, then please get a quote now from one of our agents. Cornerstone Preferred Insurance is an independent insurance agency with experts waiting to talk to you about your needs. We are and endorsed local provider by financial advisor Dave Ramsey for our excellent customer service and care for their financial decisions.

Get a quote online or give us a call at (888) 840-4020 to get in touch with one of our experts.

 

2 thoughts on “5 Things for Landlords to Know About Insurance

  • I really like how you talked about liability insurance being necessary for landlords! My wife and I recently became landlords and we need to be sure that we have the proper insurance coverage. I’m going to have to look at where we can get out landlord insurance coverage. Thanks for sharing this information!

  • A friend of mine has been thinking about buying an apartment building to rent out to people, but he didn’t know what kinds of insurance he would need for it. I really like that it can actually help if someone moves out without giving you their rent! Since that might be a common occurrence, it would be nice to know that you are still going to get the money in the end.

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