About Landlord Insurance Policies


Landlord insurance is a lot similar to homeowners’ insurance the only difference is that it does not cover damages to personal property except for additional clauses. Like homeowners insurance, landowners insurance covers the structure as well as the liability and medical coverage of the nonresident. It is a good thing that there are organizations that assists in looking for cheap landlord insurance.

Structure Coverage

For the structure coverage, landlord insurance companies that provide coverage usually include all perils like fire, wind, and lightning or just about anything that may cause damage to your property such as major events like tornadoes, hurricanes and earthquake. However it does not include peril that involves destruction caused by termites and mold as well as destruction caused by wars or nuclear attack or flooding. It is important to thoroughly check the details of your coverage or talk to organizations that assist in looking for cheap landlord insurance.

Liability Coverage

Liability insurance is as the name suggests, it covers for all liabilities you or your tenants may have caused to others. For example somebody has an accident while within your property your landlord insurance coverage will kick in to provide financial back up for both medical expenses and possible legal lawsuit that may be filed against you. The coverage will of course be in accordance to the limit of your policy.

Medical Coverage

Medical coverage for landlord insurance on the other hand is also considered part of your liability insurance as it cover medical expenses for accident that may happen within your property. It does not however cover for accidents that involve your occupants so strictly for non-residents only. Some insurance companies call this a band-aid as it helps prevent filing of lawsuits. The amount may vary from $1,000 to up to $10,000 depending on how wide your coverage is.

Tenant’s coverage

The landlord insurance policy does not cover properties of your tenant. It does not cover liabilities form their guest whom they might have been entertaining for a certain period of time. If they want coverage for their personal belongings, then they may purchase a different set of insurance policy called renters insurance. It would save both of you and your tenant lot of money if you both consider getting the policies from the same insurance provider. If you are looking for an insurance provider, it is best that you first sought the help of organizations that assist in looking for cheap landlord insurance before deciding what company to look for.

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