As a landlord, it’s important to protect your investment property from potential risks and damages that may occur. One way to do this is by purchasing landlord insurance, a type of policy that provides a layer of coverage for rental properties, including protection for the building structure, personal property, and liability. This type of insurance is essential for landlords who rent out their properties to tenants, as it can help protect them financially from potential losses arising from rental activities. 

If you’re a landlord and need insurance, we’re here to help. Reach out to Jack Lee Fong Insurance Agency today.

Why Do You Need Landlord Insurance? 

 

Without landlord insurance, landlords may be responsible for paying for damages, injuries, or other liabilities out of pocket, which can be costly and can eat into their rental income. Therefore, getting landlord insurance can provide peace of mind and help mitigate financial risks associated with renting out a property. 

Can a Landlord Require Renters Insurance? 

 

California landlords should carefully review any applicable state laws surrounding whether they are allowed to require tenants to carry renters insurance. Asking your tenants to provide proof of renters insurance coverage can help ensure that their belongings and liability are sufficiently protected.  

What Does Landlord Insurance Cover? 

 

Landlord insurance typically covers several areas of a rental property, including: 

• Property damage—This includes damage to the building structure, such as from fire, weather, or vandalism. 
• Personal property—This includes personal belongings owned by the landlord and are located on the rental property, such as appliances and furniture. 
• Loss of rental income—This may cover the loss of rental income due to damage to the property that makes it uninhabitable or if a tenant cannot pay rent due to financial hardship. 
• Liability—This may cover legal and medical expenses if a tenant or a guest is injured on the property and the landlord is found to be at fault. It may also cover legal fees if the landlord is sued by a tenant or a guest for negligence. 

It’s important to note that landlord insurance coverage may vary depending on the insurance provider and the policy. Therefore, it’s essential to review the terms and conditions of the policy to understand what’s covered and what’s not. 

How Does Landlord Insurance Work? 

 

Landlord insurance works similarly to other types of insurance. Landlords pay a premium to an insurance provider, which provides coverage for a specific period of time. If an incident falls under the policy’s coverage, the landlord can file a claim to the insurance provider. 

How to Get Landlord Insurance 

 

Landlord insurance is an essential type of insurance for landlords to protect their investment property and financial interests. If you need of a policy, give the team at Jack Lee Fong Insurance Agency a call today to get started.