Today, we’re talking about the reasons why you need landlord insurance. Landlords who rent out property must have landlord insurance. This type of coverage is also referred to as a Fire Dwelling Policy. We live in a litigious world, and you should protect yourself and your rental property.
Landlord Fire Dwelling Policy
Most people have heard the saying that insurance is expensive until you need it. If you have a regular homeowner’s insurance policy for your home and you don’t switch it to a Landlord Fire Dwelling policy when you rent out the property, the insurance company could deny coverage for claims if you have a long term renter in place.
Loss of Rent
Look for a policy that includes loss of income coverage. This will cover loss of rental income if the tenant has to vacate the property due to it being uninhabitable. This was especially valuable for our owners during some bad hurricanes, so we always recommend it.
It’s not a good idea to allow dangerous dog breeds in your property. Most insurance companies will not cover them and some don’t cover dogs at all, so make sure you find out what is and is not included in the coverage. You can also ask to see proof of your tenant’s renter’s insurance and pet insurance.
Think about hiring a professional property manager. We can help you understand what is going on and not going on in your local market.
If you have any questions about your insurance needs and requirements, please contact us at Hampton & Hampton Management and Leasing.