If you own any house or condo that you want to turn into a full-time rental property, you’re going to need landlords insurance for it. The good news is that you will only be responsible for insuring the property itself, as well as any furniture that you want to keep in it for the tenants to use. Any personal property of their own will be their responsible to insure, not yours. How can you go about finding cheap house insurance for landlords?
A lot of first-time landlords think that their standard homeowners insurance will be sufficient and don’t think to purchase a separate policy. This is a huge mistake, as the former is intended specifically for owner-occupied homes. Your tenants are obviously not the owners of your home. If you still want to continue living there and rent out only part of the home, that’s another matter entirely.
You’ll definitely want to add liability protection with your policy. Make sure any cheap house insurance for landlords you are thinking about getting comes with it. You don’t want to worry about any liability claims or potential lawsuits that you could wind up facing as the owner of the property. If a tenant or guest of the tenant is injured, you don’t want to be the one who is held legally responsible for it. With this coverage, the medical costs, legal fees, and any other bodily injury claims will be taken care of.
Cheap House Insurance for Landlords Protects Against Loss
Loss of use is very important as well. What if something happens to your property that causes the occupants to leave, and the home simply not possible to live in? That’s a huge loss of income to you – unless you have insurance. Not only will there be the costs associated with renovating or even rebuilding to worry about, but the loss of rental income as well. With the right type of coverage, however, you will be offered temporary rental reimbursement to help cover those financial losses.
Most of the cheap house insurance for landlords policies you come across typically include some form of the following coverage types: dwelling coverage, personal property (your own contents), water/flood, acts of nature, loss of use, and liability. If any of these are not included in the regular plan, they are usually still available as policy add-ons. Coverage is provided for a variety of rental types, and not just single-family homes. There are options for duplex units, triplex, quad, and anything bigger.
Where can you find cheap house insurance for landlords? Lemonade Insurance is an intriguing insurance provider that offers a unique approach to how homeowners and landlords insurance work. There is a flat-fee that covers literally everything you need, and the claims process is fast should you ever need to make one.