How to Buy Landlord Insurance
Landlord insurance provides security and peace of mind. Going without insurance leaves you at risk of liability and out-of-pocket repair costs. Landlord insurance goes above and beyond a standard homeowner's insurance policy by offering loss of rental income coverage in the event your home is damaged and unlivable for several months. A landlord's insurance policy depends on the age, number of units and type of dwelling, such as a home or a condominium.
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Instructions
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Know what a standard policy covers. A landlord insurance policy normally covers damage from disasters including fire, lightning, explosion, earthquake, storm and flood. A policy generally protects your property in the event of theft or damage done with malicious intent.
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Evaluate your policy needs. Know the value of the property being insured. The type of property will also impact the type of policy you must obtain. In some states, if a building has multiple units you are required to purchase a business policy. The amount of liability coverage you need will depend on your assets.
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Speak to an agent who can review policies and answer any questions you have regarding insurance. Decide which type of coverage best suits you.
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Contact agencies online or over the phone to get the best price. When requesting a quote, be sure to write down what is covered and the deductible amount. Compare quotes.
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Check the insurance company. Before selecting an insurance company, refer to the Better Business Bureau for information about the company. If a quote seems significantly lower than the competition, it may be wise to investigate the company before handing over any cash.
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