Whether it's your first apartment, a starter home or a retirement condo, we can help you find a policy that protects your property - and most of your other important stuff, too. Home and condo insurance takes the worry out of unexpected events, like falling trees, slippery sidewalks and break-ins.
One of the most common mistakes people make when shopping for home insurance is thinking the coverage should equal the home's market value. But home insurance is designed to pay for the cost to rebuild your home if it's destroyed. That amount might be lower or higher than what you paid for the house. In recent years many homeowners who lost homes in disasters found themselves caught short because they were underinsured.
Your landlord's insurance won't cover your stuff.
Don't expect the landlord to help you replace anything if disaster strikes. His insurance covers the building -- not your things. Buy renters insurance to protect your belongings in case they're stolen or damaged by fire or other perils. Like home insurance, renters insurance also provides liability coverage in case you unwittingly injure others or damage their property and are held responsible.
Landlord insurance is important because it protects you from financial loss resulting from accidents, natural disasters, injuries and other liability issues associated with your rental property. It also provides reimbursement for loss of rental income and can cover any repairs or even the entire replacement of a rental property structure.
Landlord insurance is not required by law, but you would be wise to carry it if you’re collecting rent and managing a property. Building fires, tropical storms, tornadoes, vandalism and liability claims are some of the key things you want to be prepared for as a landlord. If your property experiences $100,000 worth of damage and you do not have insurance to cover it, those costs must come out of your pocket.
You need landlord insurance when you do not occupy the same residence as your tenant. You will also need landlord insurance if you are renting out your own home temporarily or sharing accommodations, such as your basement level, with a renter.
Some landlords rely on their homeowners insurance to cover their rental units. It is important to know that your homeowners policy most likely will not cover damage to your rental property, unless you are only renting out a portion of the home you are living in. It will also likely not provide coverage for liability claims.