Landlord Insurance: What Is Additional Coverage, And How Much Will It Cost?

​You’d like to know what the Landlord Insurance policy covers and how much it will cost. You’re a landlord, and you don’t want to get taken advantage of. We have a comprehensive coverage guide that can help you find out exactly what your landlord insurance policy covers, how much it will cost, and the policy coverage providers.

Additional Construction Expenses
It will help if you protect your investment. But what happens if you discover something new is wrong with your property, like a missing beam or an unsafe basement, and it’s too late to repair?

To save money, you’ll want to keep as much in reserve as you can. An additional construction expense can become a significant financial burden when you need to fix an unexpected issue.

Guaranteed Income Insurance
The length and cost of the policy, coverage for your tenant’s belongings and property damage, and discounts on your mortgage payments are all great benefits that add to your insurance policy.

You can generate an income stream to cover you if you lose your home rental with guaranteed income insurance. And with rates on most guaranteed income policies ranging from 1.5 to 6.5%, your income stream will certainly last you through any short-term issues you may have, without you having to get a day job in the meantime.

Flood Insurance
Flood insurance is a critical piece of your property insurance portfolio. Whether your flood risk is from overland water or water from a river or lake, it’s important to have flood insurance to protect the investment that you have in your real estate.

There are three common types of flood insurance:

1. Deductible Flood Insurance: Deductible Flood insurance typically costs the most but covers the most, as you can purchase it with no cap on its coverage.
2. Loss Mitigation: Depending on the coverage policy, flood mitigation can reduce the replacement cost to the purchase price of your home.
3. Damaged structure flood insurance often provides the most coverage, as it covers all aspects of a home’s structure and its contents.

Emergency Coverage
Even if you’re an experienced rental homeowner, there are still times when you can have an emergency.

Rain and strong winds can cause serious problems in your rental home. Make sure your landlord insurance policy includes home and business emergency coverage to help you get your property up and running again.

At Arnold Insurance Agency, LLC, we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (318) 965-5953 or Click Here to request a free quote.