How landlord insurance protects you

As a property owner who is a landlord, you have a tough job. You have all the headaches that come along with homeownership and in addition, you have to deal with the stress that being a landlord can cause. Not that all tenants are stress-causing, many are not but having even one can make you very grateful that you have landlord insurance. In Selden, NY, XL Brokerage Inc. is there to explain how landlord insurance can benefit you and your rental property. 

Landlord insurance like homeowners insurance protects you in the event of a liability claim and also for property damage when a covered event happens. You may think that regular homeowner’s insurance would be enough but most home policies are designed to cover owner-occupied homes. 

Liability

If someone is injured at your rental property, even if it is the tenant, you can be held responsible if it is found that the injury is due to neglect on your part.  With liability claims, typically there is no deductible. 

Property 

This is an important coverage that protects the building and any furnishing that belong to you the landlord, this can include things like the appliances, furnace, and water heater. Things covered include fire, vandalism, theft and many weather events. Included are other structures such as fences, detached garage or shed. This coverage can protect your rental in the event you have a tenant who damages the property. 

Income protection

If your home is damaged by a covered event and you are not able to collect rental income, this protection will be sure that you don’t suffer the loss of income. 

Additional coverage

Other coverages that landlords may want to consider are flood insurance, hurricane insurance, and emergency coverage. 

In Selden, NY, XL Brockerage Inc. is there to answer any questions you have about landlord coverage. Give their office a call or stop in for a no-obligation quote.