Landlord Insurance: What You Need to Know

​If you’re a landlord or aspiring to be one, you may assume that homeowner insurance will secure your rental property. Although it's a good idea to get that insurance, landlord insurance is an apt policy for property owners.

Landlord Insurance Defined
As a landlord, you need to guarantee that your property is in tip-top shape. You also want to ensure that you’re not exposed to any liabilities in case of any unpredicted event. Landlord insurance can give you that kind of protection.

This kind of insurance offers financial protection when your property is damaged and ravaged by a fire or storm. Landlord insurance can also be a security blanket when someone is injured within the property. It is far different from home insurance because it can only cover limited benefits for a rental property.

Coverage
There are two categories of coverage in landlord insurance: property protection and liability protection. To know more about them, here are their definition:

1. Property protection – this type of coverage covers the rental property itself. It generally covers the following:

• Dwelling – repairs to your rental property are covered if damaged by fire, storm, or other covered losses.
• Detached structures – covers the repairs done to other facilities in your rental property like a garage if a covered loss damages them.
• Personal property – this includes things like a vacuum cleaner or a lawnmower. As long as the equipment is used in the rental property.
  
  

2. Liability protection – this kind of coverage helps you when an individual is injured inside your property.

Cost
The price of landlord insurance is dependent on several factors. Here are some of the considerations:

• Location of your rental property – the price can go up or down depending on the location of your property. It also depends on any risks in the vicinity or how often a natural disaster occurs in the area.
• Size – landlord insurance will cost more if you have a sizable rental property.
• Condition of the property – the cost will also depend on the age and the state of the property.

Final Words
In conclusion, landlord insurance is a great way to protect your rental property from any untoward incident. Having the perfect insurance can make you successful and tells aspiring tenants that you’re in it for the long haul.

At Arnold Insurance Agency, LLC, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (318) 965-5953. Get your free quote today by CLICKING HERE.