There are numerous reasons to get landlord insurance if you own and rent out properties, such as apartment buildings, houses, or offices. We will outline the core reasons for obtaining landlord insurance below.
Homeowners insurance claims won’t cut it when you’re a landlord.
If you consistently rent your property upon which you have homeowners insurance coverage and you end up needing to make a homeowners insurance claim on that property, your claim likely be denied. That’s because the property was rented at the time of your claim, and your insurance company will probably have stipulated that coverage is only legitimate if it is not being rented.
Additional liability coverage will likely be necessary.
It’s sad but true. If you are renting your property and someone gets seriously injured in an apartment or an office, for example, they can sue you for damages. General personal liability coverage is likely not going to cover these instances, so you’ll need additional landlord liability coverage to take care of the costs of these cases.
You may end up with liability trouble from tenants.
In some cases, lawyers who are going after your tenants for liability charges (for example, because of a dog bite in one of your apartments) will know that the tenant cannot individually pay the damages charged to them. Therefore, they will go after you, the landlord. Landlord insurance can protect you against situations such as these.
Contact XL Brokerage Inc. Today to Find Out More!
Are you a Selden, NY landlord who is looking to learn more about landlord insurance? XL Brokerage Inc. is proud to serve the residents of Selden, NY and offer high-quality landlord insurance that meets all your needs! Come visit us at our nearest office location or give us a call to speak with one of our highly skilled agents. We hope to hear from you soon!