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What Every Property Owner Should Know About Landlord Insurance Coverage

What Every Property Owner Should Know About Landlord Insurance Coverage 01

Owning a rental property comes with responsibilities and risks that your standard homeowners insurance simply doesn’t address.  Accidents happen, and if damage occurs to your rental or a tenant is injured, you need the right coverage. That’s why landlord insurance covers a range of circumstances specific to owning and renting out property. But what exactly is covered under landlord insurance?

Key Components of Landlord Insurance

Physical Property Protection

At its core, landlord insurance covers the physical structure of the property you are renting out. This includes any damage to the dwelling itself caused by fire, lightning, wind, hail, and other similar perils. If an insured event damages the property, this coverage helps pay for repairs to structures like homes, condos, and apartments.

Additionally, coverage extends to “Other Structures” on your property, such as detached garages or fences. This part of your landlord insurance policy coverage ensures that not just your main rental unit but also any ancillary structures are protected against insured damages. For landlords who store maintenance equipment on the property, such as lawnmowers or snowblowers, these items are generally covered if damaged by a covered loss.

Liability Protection

Another crucial aspect of what landlord insurance should cover is liability protection. This coverage is essential if someone is injured on your property due to your negligence in maintaining safe conditions. For instance, if a tenant or visitor is injured due to faulty stairs or railings, your liability coverage can help cover their medical expenses and your legal costs up to the limits of your policy.

Exclusions in Landlord Insurance

It’s equally important to be aware of what landlord insurance does not cover. Routine maintenance issues and equipment breakdowns, such as a malfunctioning dishwasher or furnace, are generally not covered. These are considered the landlord’s responsibility for regular upkeep.

Properties that are partially occupied by the landlord and rented out partially to tenants might not qualify for typical landlord insurance. In such cases, a discussion with your insurance provider is necessary to determine if additional coverage under a homeowner’s policy is needed.

Tenant damage is a common concern, but wear and tear or intentional damage by tenants may not be covered under standard landlord policies. Landlords should ensure they have clear protocols and deposits in place to manage these risks.

Making the Right Choice

Selecting the right insurance coverage can be daunting, but you don’t have to navigate it alone. For comprehensive landlord insurance in Decatur, GA, contact Focus Insurance Group. We ensure you receive personalized service and the best deals, providing multiple options to suit your needs.

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