Whenever you rent a house or apartment, there is always a risk of your property being damaged, either accidentally or due to the carelessness of tenants. Landlord building insurance offers you a way to effectively protect your property against any and all structure damage to include windows, walls, roof and any other fixed structures of your building.
With most landlord building insurance policies, you can receive protection from damage caused by flood, fire, vandalism, etc. However, you can also customize your insurance coverage to include extras that meet your specific needs.
The Need for Landlord Building Insurance
Conventional home insurance policies may cover the needs of your personal home situation, but they do not sufficiently cover rental property needs. If you plan to rent a house or apartment, you need adequate insurance that will protect this valuable investment. Landlord building insurance was specifically designed for protection of rental properties, providing protection against any eventually caused by lack of tenant care.
Even though many tenants take good care of the properties they rent, there are always those who have little regard for a property they do not own. This can result in the lack of property maintenance, upkeep and care. Many a landlord has had the misfortune of having to face the repair of substantial damages to his property once it came time for tenants to leave. With landlord building insurance, you can have the reassurance that these expenses will be covered to restore your building to its original state.
Options of Landlord Building Insurance Coverage
Landlord building insurance policies and prices vary, depending on the insurance company you use and the policy you choose. In addition to standard coverage, some policies include liability coverage which pays for your tenant’s medical expenses in the event he is injured as a result of faulty equipment on your property. Other options for coverage include accidental damage and loss of rental payment. As a landlord, you should take great care that your policy meets your specific needs. If you are renting more than one property, you should inquire into purchasing your coverage as a package to save on insurance costs.
The amount of your landlord building insurance coverage should be sufficient to cover the cost of rebuilding your property in the event it suffers total loss. You can never be too careful when it comes to protecting your investment. By doing some research into the cost of rebuilding your particular structure, you can get a better idea of what this amount should be.