Designed for people that own a property they rent out, landlord insurance is designed to protect the owner of the home or dwelling. Although the exact coverages can vary from one policy to the next, typical landlord insurance policies consist of dwelling, other structures, and personal property. Diving into each, dwelling coverage offers support to help pay for the repair of the property if it’s damaged while occupied by a renter. Other structures pay for damage to items like a shed, detached garage, or a fence. Lastly, if you use personal equipment to perform work on the property such as a lawnmower or chainsaw, these items may be reimbursed if damaged because of a covered loss. Similar to auto insurance and homeowner’s insurance, these coverages kick in once your deductible has been met and exhaust after your policy limits are exceeded.
Additionally, many policies will include liability protection which helps pay for a third party’s legal or medical bills if they are hurt on your rental property. Keep in mind that if someone is injured on your property than you, as the landlord, must be found responsible for this coverage to kick in. For example, if you haven’t repaired a broken stair in years and someone falls through it and breaks their leg you may be found responsible for damages due to negligence.
For all your landlord insurance needs in Selden, NY make the XL Brokerage Inc. your first phone call. Our knowledgeable and friendly insurance professionals are ready to answer your questions and find the perfect policy for your needs. Give us a call today to schedule a time to visit our conveniently located office to learn more about our insurance offerings.