We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.
Finance

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

How do I Choose the Best Landlord Insurance?

By Jodee Redmond
Updated: May 17, 2024
Views: 3,298
Share

Before buying a landlord insurance policy, a building owner needs to consider the type and level of coverage he or she needs first. Even if the people occupying the building have renter’s insurance in place, the landlord will still need to make sure that the structure of the building is protected from various types of loss. Insurance companies offer liability coverage, as well as insurance against accidental damage to the building, terrorism and loss of rent if the building cannot be occupied while it is being repaired or rebuilt. The best policy is the one that provides the best level of protection for the cost of premiums paid.

If a mortgage is in place on a building, the lender will likely insist on landlord insurance being kept in place so that the financing company can protect its investment. This type of insurance protects the landlord if the structure of the building is damaged by fire, an act of vandalism, flooding or severe weather. The insurance company will pay for covered losses of this type, less the deductible that the policyholder chooses.

In a situation where the loss renders the building uninhabitable for a time, the landlord will want to be sure that he or she is appropriately compensated for lost income. A landlord insurance policy should include this provision so that he or she can receive a certain percentage of the monthly rental payments. Terrorism coverage is also available with this type of policy, and the landlord may wish to include it as well.

Landlord rental insurance protects the building owner from claims made by visitors to the premises who have become injured while on the property. The liability coverage pays out on claims for various types of injuries. If a landlord is sued to collect damages for personal injuries or lost wages, the insurance company will arrange for legal counsel to defend the claim as part of the protection offered under the landlord insurance policy.

To get the best deal on landlord insurance, a property owner needs to be prepared to shop around for coverage. Not all providers charge the same amount for a similar level of protection. Going online can help someone who wants to arrange for this type of coverage compare rates from various companies easily. Many insurance companies can provide online quotes, and the landlord has the option of contacting the company directly with any questions or concerns.

Share
WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.

Editors' Picks

Discussion Comments
Share
https://www.wisegeek.net/how-do-i-choose-the-best-landlord-insurance.htm
Copy this link
WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.

WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.