While you’re living in your rental property, you probably don’t think about your landlord’s insurance very often, or even consider that it might be covering damages to your property or injuries to yourself or guests in the building. While many people do know about the risks covered by their own home insurance, they might not realize that there are quite a few more covered risks when it comes to their landlord’s insurance policies. Here are 10 things you didn’t know you could cover with landlord insurance.
1) Fire damage
If your rental property suffers fire damage, your landlord’s insurance policy will likely cover the cost of repairs. But did you know that it can also cover other expenses related to the fire, such as alternative living arrangements for your tenants? It may even cover temporary shelter for displaced pets.
2) Storm damage
Did you know that your landlord’s insurance could cover storm damage? If your home is damaged by a severe storm, your landlord’s insurance policy may help pay for repairs. This type of coverage can also help if your belongings are damaged or destroyed by a storm. Even if the damage is not covered by your landlord’s insurance, you may still be able to get some financial assistance from the government or other organizations.
3) Break-ins
One of the things that landlord insurance can cover is break-ins. If your tenants have their belongings stolen or damaged, you could be held liable. That’s why it’s important to have a policy that covers you in case of a break-in. For example, if someone gets into your rental property and steals something belonging to one of your tenants, they’ll file a claim against you and they might be able to sue you for any damages done as well. That’s why it’s so important to take out this type of insurance before anything happens.
4) Damage by animals
Landlord insurance can cover damage caused by animals, both wild and domestic. If your tenant’s pet damages the property, your policy can help pay for repairs. Even if the animal isn’t owned by a tenant, you may be covered if it’s determined that the animal was on the property with the owner’s permission.
5) Theft
No one ever thinks that their home will be broken into, but it happens more often than you might think. If you’re a landlord, then you know that it’s important to have insurance to protect your investment. But did you know that landlord insurance can also cover theft? For example, if someone breaks in and steals the copper pipes from your property, it would likely not be covered by homeowner’s insurance. With landlord insurance though, that risk is eliminated. Be sure to ask about coverage for things like theft or vandalism when considering which policy is right for you!
6) Water damage
Water damage is one of the most common causes of property damage, and it’s also one of the most expensive to repair. Fortunately, landlord insurance can help cover the cost of repairs. Whether it’s a burst pipe in your kitchen or a leaky roof on your bedroom, if you rent out an apartment or house and live elsewhere, you’re probably covered by your landlord’s insurance policy. The only requirement is that you notify your insurer within 60 days of the incident so they can send someone out to assess the damage.
7) Faulty appliances
Faulty appliances are one of the most common problems that landlords have to deal with. But did you know that your landlord’s insurance could cover the cost of repairs or replacement? Insurance policies vary, so make sure to read yours carefully. For example, a property manager may be responsible for repairing faulty equipment in a commercial setting, while a landlord would need to take care of it at home.
8) Accidental damage to tenants’ property
Your landlord’s insurance policy likely covers accidental damage to your property caused by you, a family member, or even a pet. So, if that new vase you just bought gets knocked over and breaks, your landlord’s insurance will likely cover the cost of replacing it.
9) Lease cancellation due to landlord’s personal property on the premises
If your landlord cancels your lease due to their personal property being on the premises, you may be able to file a claim with their insurance company. Most landlord insurance policies cover the building itself, but not the contents inside. If your landlord’s policy does cover the contents, you may be able to get compensated for any damages or losses you incur.
10) Cancellation insurance during a renovation.
If you’re a landlord, you might be surprised to know that your insurance can actually cover a lot more than just the physical structure of your rental property. For example, did you know that many policies will cover cancellations due to renovations?