If you’re a landlord, you might wonder if you need landlord insurance. After all, renters elect to live in your property, and they’re responsible for their own liability coverage.
Reality check: don’t assume that renters carry any liability coverage at all; many families decline such protection because of the expense or because they don’t think they’ll ever make a claim. Even those who do have liability coverage may not have adequate protection in the event of an incident.
If you’re thinking, “What incidents?” consider the unfortunate fate of one landlord whose tenant backed into a neighbor’s car with his truck, causing $5,000 in damages. The renter had liability insurance with only $300 of property damage coverage; after the insurance company settled with the neighbor for $4,000, they asked the landlord to cover the rest.
If it’s not already clear, when someone is hurt on your property, whether it’s a tenant or an uninvited visitor, you may be sued for medical expenses and other damages. Landlord insurance provides protection in these scenarios by responding to the other party’s claim.
Deciding on a landlord policy will require some time and thought. Our team has extensive experience in setting up landlord insurance for property owners in our area, and we are happy to offer you a free consultation so we can discuss which policy options are best for your need. Contact us today to schedule a time.
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