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Some landlords believe they can cover their rental units with their typical home insurance, but it is usually not enough. In this article, you're going to learn more about Homeowners insurance and Landlord Insurance to help you figure out which one best suits your needs. What’s The Difference?
The cost of possessions such as furniture, clothing, and computers are covered by homeowners insurance. And landlord's insurance only covers goods used to keep the rental property in good working order. Types Of Coverage Your policy may include some or all of the following forms of insurance coverage, depending on the insurance provider you deal with and the options you choose. And these choices include: Dwelling Coverage Fire, vandalism, or a damaged water heater can all cause structural damage to the rental property. Damage to the property's appliances or equipment and damage caused by malicious renters are covered by the more expensive homeowner's insurance plans. Liability Coverage Liability coverage covers costs incurred due to injuries sustained on your rental property for which you are legally liable. Personal Property Coverage Damage to your personal belongings on the property (not your tenants'), such as curtains or light fixtures, is covered by this policy. If you're renting out a furnished property, this is extremely vital. Loss of Income Coverage Certain plans would let you recoup the lost rental revenue while your property is being repaired and rented out to tenants until it is ready to be rented out again. However, most conventional landlord insurance does not cover tenant late rent payments or lost money due to an eviction. Flood Coverage Flood coverage can cover the costs from water damage caused by things like faulty plumbing, rain, or broken pipes if you get specific flood coverage in addition to your homeowner's insurance. Acts of Nature Coverage Acts of nature coverage are crucial to consider since it limits structural damage or total loss due to tornadoes, hurricanes, and earthquakes, making it even more vital to consider. Depending on your location, you may require additional protection for situations like this. Legal Fee Coverage Legal Fee Coverage may pay your legal expenses and charges if a tenant sues you or requires legal representation in court for overdue rent money or disregarded eviction letters. Conclusion Take note of the key differences in each of these insurance plans to help you figure out which one is more applicable to you and your establishment. Remember that owner-occupied properties are covered by homeowner's insurance, whereas landlord's insurance covers tenant-occupied homes. At Arnold Insurance Agency LLC, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (318) 965-5953. You can also request a free quote by CLICKING HERE. The coverage discussed in this article is not guaranteed. Please call our agents, we are happy to help you learn more about your plan and make sure you have the coverage you need.
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