July 17, 2017

Landlord Insurance

Insuring Your Rental Properties the Right Way

Did you know that if you don’t have a landlord policy on your rentals that your insurance carrier could DENY coverage? It’s not enough for you just to have home insurance on your rental – you must have coverage specifically for landlords.

At Cornerstone Preferred Insurance, our insurance agents can help you wade through the confusing waters of commercial insurance. We’ll help you get set up a with a policy that will give you the benefits you need at a price you want. Call us at (888) 840-4020 or get a quote from us online!

What is landlord insurance?

Landlord insurance is a policy that will provide coverage for property owners who rent out a residential home, apartment, condo, or commercial building. These policies will generally provide several types of coverage, including:

  • Property damage: this will cover any damage to your buildings in case of theft, vandalism, storm, fire, or even damage coming from tenants.
  • Liability: this is a very important piece of landlord insurance as it covers legal feels if your tenant decides to sue or gets injured because of negligence. You do not want to be stuck with medical payments, legal fees, and judgment/settlement costs in case of a lawsuit.
  • Loss of income: if your rental is damaged and your tenant is not able to live there for a time, your loss of income coverage will reimburse you for rent.
  • Rent guarantee (optional)
  • Natural disaster (optional)
  • Employer liability (optional)

How much will landlord insurance cost?

Obviously, rates will vary depending on the size of your building. For one smaller unit, you may be looking at a few hundred dollars per year, while a larger complex may be several thousand. Some of the factors that may affect your landlord insurance cost may include:

  • Location
  • Size
  • Number or rental units
  • If your building meets current code
  • Smoking vs. non-smoking tenants
  • Swimming pool
  • Fire-sprinkler and burglar alarm installation
  • Age and condition of your rental unit

Also, landlord insurance premiums are tax deductible and can be considered a business expense!

Call our Insurance Agents in Glendale or Santa Clarita

Just as home insurance is vital to protecting your assets, so is landlord insurance! Make sure that you are properly covered in the event of an accident or damage to your property.

Our agents in Glendale and Santa Clarita are ready to help you with whatever you need. Give us a call or submit an online quote request today!