As a landlord, you know that there are many things to think about when it comes to your property. One important aspect of protecting your investment is making sure you have the right insurance in place. But what are the key things you need to know about landlord insurance? In this article, we will discuss the basics of landlord insurance and what landlords need to look for when shopping for coverage.
What Does Landlord Insurance Cover?
As we mentioned, landlord insurance can help cover the cost of repairs or replacements if your property is damaged by a tenant. This type of coverage is often referred to as “property damage” or “physical damage” coverage. In addition to property damage, landlord insurance can also provide liability coverage if a tenant is injured on your property. This type of coverage is important because it can help protect you from costly lawsuits.
However, you may benefit more if you check with a professional insurance agent for landlord insurance in Decatur, GA, to get a better understanding of what your policy covers. In addition, if your rental home is damaged and becomes unrentable, landlord insurance can cover the loss of income due to a no-fault claim. This allows you to continue making monthly mortgage payments even after one of your tenants stops occupying your home.
How Much Does Landlord Insurance Cost?
The cost of landlord insurance varies depending on a number of factors, such as the value of your property and the amount of coverage you need. You can get an idea of how much landlord insurance might cost by getting a quote from an insurance agent or company. In most cases, the cost of landlord insurance, on average, will cost around $2000 per year. These will cover damage to your property caused by a tenant, such as fire, smoke, water damage, or vandalism.
If a tenant is injured on your property, landlord insurance can also help cover the cost of their medical bills, as well as any legal fees you may incur if they sue you. However, in general, the amount of coverage you need will depend on the value of your property and the amount of risk you are willing to take.
With all that said, landlord insurance is an important consideration for any landlord. By understanding what this type of insurance covers, you can be better prepared to protect your investment. If you have any questions about landlord insurance or would like to get a quote, consider contacting an agent for insurance in Decatur, GA, to learn more. They will be able to help you find the right policy for your needs and provide you with peace of mind knowing that your property is protected.