If you own a property that you rent out to tenants, then landlord insurance might be necessary to protect your investment. Your homeowners insurance is not sufficient for properties that you rent out to others. Landlord insurance will cover damage done to the property such as accidents or storms along with damage done by tenants to the property. This type of insurance is designed specifically for the landlord tenant relationship and damages that might arise to your property because it is a rental property.
If you own a rental property, this insurance is essential to ensure that any damage to the property is covered quickly and fully. Even if you are renting to friends or family, your homeowners insurance will not cover any damages caused by them.
This type of insurance can be purchased to cover a single property or a group of properties that you own and rent out to tenants. As a landowner, you might face losses in connection to the property that a normal homeowner would not like the cost of putting up tenants in temporary shelter if something happens to the property and it becomes unlivable. These policies are tailored made to your needs and can include special provisions.
Your basic policy as a landlord will cover any damages done to your property due to storms or even damaged done by the tenants themselves. If your home is damaged by fire or flood and the tenants need to relocate, this insurance will cover that cost. If someone is hurt or injured on your property, this policy will cover any medical costs and possible lawsuits. If you have left personal furniture in the home, this should be covered as well.
You can have special conditions added to your policy. If you are worried about the loss of revenue when a tenant does not pay their rent, you can pay an additional cost and have this added to your policy. The cost of litigating to try to recover lost rent can be very expensive, so even though this add on could be expensive it might be worth it if you ever need it.