When it comes to renting out a property, there are many things every landlord should keep in mind. However, one of the most important concepts of renting out property is ensuring you are fully covered under the right insurance plan. While some states do not require landlord insurance, it is still important to have a policy. This way, you can ensure you and your property are protected and covered from any type of insurance claim. Muller Insurance serves landlords in New Jersey, New York, Connecticut, Pennsylvania, Nevada, and other states. Here, we talk about how you can further protect yourself from common insurance company claims with the right landlord insurance plan.
What Is Landlord Insurance?
If you purchase a property and are looking to rent it out, then you will need landlord insurance. A rental property includes any property that is rented to another for a short or long period. This usually requires the signing of a lease, and rental terms can be flexible depending on the agreement between the landlord and tenant.
Renting to others can be risky, and tenants can be unpredictable. This means that many things can happen to the property that you may never have anticipated. To avoid costly lawsuits and repairs, it can be a good idea to ensure you are fully covered with the right insurance policy. Landlords may need one or more types of insurance to receive adequate coverage for several circumstances depending on the location. The experienced insurance agents at Muller Insurance can help you find the perfect insurance bundle for your property.
Different Types of Insurance Coverage for Landlords
When choosing which insurance policies are most beneficial to your property, there are many aspects to consider. This can include things such as location, size, and amenities your property provides. You may need one policy or several different policies to ensure you are fully covered. Consider the following:
Lost Rent
In the event of a covered loss such as a fire, certain insurance policies can cover the loss of rental income that can result. If your home becomes damaged to the point where it is no longer habitable, having lost rent insurance can ensure you still receive an income even while no one is living on your property. Events like a fire can cause damage to a property that takes months to fix. Many landlords cannot withstand this loss of income. With lost rent insurance, this can accommodate you for the time it takes to repair the property. You’ll continue to receive monthly payments, giving you the essential income needed to fix the property without hassle.
Intentional Damage
Because tenants, visitors, and passers-by can be unpredictable, you never know what kind of damage you may encounter. Events such as burglary or vandalism can occur at any time for any number of reasons. This makes it even more important to ensure you’re fully covered under the right insurance plan. If your property is in an area that is more susceptible to these circumstances occurring, then it can be beneficial to purchase added insurance policies that cover burglaries and vandalism. While accidental damage is typically covered under traditional landlord policies, malicious damage is not.
General Liability
Accidents happen – But it’s up to you, as the landlord, to ensure you’re covered in case an accident or injury occurs on your property. As a landlord, you can never be too sure of who is going to be on your property. This means injuries can occur for any number of reasons. Whether it’s an accident or something that could’ve been avoided, obtaining general liability insurance can avoid the costly fees and court processes associated with an injury. This is especially true if you have multiple properties that you are renting. It can be beneficial to regularly check and maintain common areas, staircases, and other high-traffic places, but it’s best to pair diligence with good insurance coverage.
Get the Right Coverage From Muller Insurance
By choosing to work with the independent insurance agents at Muller Insurance, landlords can access the best bundles and policies to cover exactly what they need at the right price. Because independent insurance agents don’t work for just one insurance company, they can access a large variety of policies from many insurance companies. This ensures your insurance bundle covers all applicable circumstances. We will look around for the best insurance policies so you don’t have to, saving you time and stress.
Muller Insurance’s agents serve New Jersey, New York, Connecticut, Pennsylvania, Nevada, and other states, To learn more about our landlord insurance policies, contact us today.
