If you are renting out your property, your homeowner's insurance will not cover you. Instead, you will need a comprehensive landlord's rental property policy. Renting your house, flat or condominium will also increase the risk of the personal property you leave behind being damaged or stolen. View your property as a business and landlord's insurance as a necessary investment to keep your business running smoothly. Insurance premiums can be expensive, but not as costly as lacking the coverage when you need it.
Basic Protection
Basic landlord's insurance will cover the main improvements on your land, including the building you rent out, garages, sheds, swimming pools, and other permanent or semi-permanent structures. Remember that basic policies do not cover the contents of the rented house, which can be a problem if you rent it fully furnished.
Basic Plus Contents
This coverage is ideal if you have expensive tools, appliances or furniture inside your rental property. It will also cover any malicious damage your tenants cause to the property and your belongings.
Water Coverage
People will not care for your property as you do. This optional coverage protects you from water damage due to backups, plumbing accidents, spills, sewage drains and wells. Remember that this coverage does not include flooding. Flood coverage is another extra you should consider whether you are a landlord or not.
Legal Costs
Your tenant can sue you for damages while living in your home, refuse to pay rent and ignore your notice of eviction. In such cases (and many others) you will need legal representation. Court costs can also be expensive, especially if you lose. This policy extra will cover any expenses related to your legal defense.
Loss of Income
Your house is now a business, so treat it like one. You have no doubt invested hard-earned money in your property. If your property gets damaged and is no longer fit to rent, you are losing money. A loss-of-income clause covers the income you lose--up to the policy limit--while your house is under repairs.
Condo Insurance
Condominiums come with general building insurance, but you need more protection as a landlord. Consider a condo insurance to provide coverage for improvements on your unit (or units), personal liability, legal aid and your personal property.
Basic Protection
Basic landlord's insurance will cover the main improvements on your land, including the building you rent out, garages, sheds, swimming pools, and other permanent or semi-permanent structures. Remember that basic policies do not cover the contents of the rented house, which can be a problem if you rent it fully furnished.
Basic Plus Contents
This coverage is ideal if you have expensive tools, appliances or furniture inside your rental property. It will also cover any malicious damage your tenants cause to the property and your belongings.
Water Coverage
People will not care for your property as you do. This optional coverage protects you from water damage due to backups, plumbing accidents, spills, sewage drains and wells. Remember that this coverage does not include flooding. Flood coverage is another extra you should consider whether you are a landlord or not.
Legal Costs
Your tenant can sue you for damages while living in your home, refuse to pay rent and ignore your notice of eviction. In such cases (and many others) you will need legal representation. Court costs can also be expensive, especially if you lose. This policy extra will cover any expenses related to your legal defense.
Loss of Income
Your house is now a business, so treat it like one. You have no doubt invested hard-earned money in your property. If your property gets damaged and is no longer fit to rent, you are losing money. A loss-of-income clause covers the income you lose--up to the policy limit--while your house is under repairs.
Condo Insurance
Condominiums come with general building insurance, but you need more protection as a landlord. Consider a condo insurance to provide coverage for improvements on your unit (or units), personal liability, legal aid and your personal property.
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