Owners of apartments may insure their houses and themselves against unforeseen events with homeowners or condo insurance. Renters’ insurance, on the other hand, may provide tenants piece of mind. However, the only individuals covered by that insurance are those who actually reside on the property. What about property owners who rent out their properties? Thankfully, landlord insurance is yet another variety of property insurance. Landlord insurance coverage protects property owners who rent out their houses, flats, or condominiums.

It’s common for first-time landlords to believe that once they begin renting out their property, their normal homeowners’ insurance would still be appropriate. However, this isn’t always the case. Owner-occupied residences are designed to be covered by homeowner’s insurance. This implies that this coverage could no longer be appropriate if you are renting out your house to someone else. That’s where landlord insurance, often known as rental property insurance, comes in! Whether you will be living there or not, and how frequently you want to rent out your property, will determine whether you need a landlord coverage or homeowners insurance policy. A homeowners policy could be sufficient, for example, if you just sometimes rent out your apartment or if you only rent out a room while you still live there. However, you’ll probably need landlord coverage if you want to rent it out frequently. If you want to regularly rent your flat, it is absolutely worth checking with your insurance provider.

Dwelling Coverage: The cost of repairing or rebuilding your house is covered by the landlord’s insurance. This protects your home from harm caused by riots, lightning, windstorms, fires, and vandalism. It also includes buildings like sheds and garages. If you’ve furnished your rental home with cutting-edge furnishings, you’ll want to be sure it’s covered in case of property damage. In the event that your personal property is harmed as a result of something like a fire, broken pipe, or burglary, this portion of your policy will safeguard you. Loss of Use (or loss of rental income): Suppose your rental property suffers a fire and is rendered totally uninhabitable, making it impossible for you to continue renting it out while the damage is being repaired. To make up for the financial loss you will suffer while your property is being restored or rebuilt, your insurance provider will provide you with a temporary rental reimbursement. Liability insurance: This feature of your landlord insurance will shield you from liability claims and any lawsuits that you could be held liable for as the property owner. This coverage will assist in defraying the costs of bodily injury claims, such as medical expenses or attorney fees, in the event that a visitor or tenant is hurt on your rental property as a result of something for which you are legally liable.

You may increase your landlord insurance coverage if you’re renting out a home you own with a few simple add-ons. For instance, for a nominal monthly price, condominium landlords insured by Lemonade can purchase Equipment Breakdown Coverage (EBC). There is a fixed $500 deductible for EBC. It protects goods like electronics and appliances held by landlords against events like an electrical failure or mechanical breakdowns that aren’t covered by a typical insurance policy.