Insurance for Landlords

Protecting your assets correctly as a Landlord

You have decided to be a landlord. Congratulations! Here are some tips and recommendations on properly covering your investment.


Liability to Protect the Landlord
The landlord is responsible for the safety of the property the tenants are living in. If a tenant should harm themselves due to something dangerous in the property they can make a claim against you for damages. For example, a tenant could electrocute themselves on a faulty light switch. As a result, the tenant may be hurt badly. The Landlord Liability coverage will pay for any damages to the tenant as well as legal costs.

Protectng you Building
The building itself should be insured against most risks such as fire or wind damage for the cost or repair or rebuilding. You should insure the property for the replacement cost of the building less any land costs.

Contents
If your property is rented either furnished or unfurnished it is important to determine how much it would cost you to replace your belongings including fixed furnishings, such as curtains and carpets.

Rental Income
Landlords Insurance should provide optional coverage for the loss of rent following accidental damage or accidental loss to your buildings.

Protection from Damages caused by Tenants
In the event your tenant defaults on rent or leaves the building before the end of the rental period, or is legally evicted, a policy should provide for lost rent until the property re-rented. In addition, coverage should be available for theft by tenants and legal costs you incur in taking action against the tenants.

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