Insurance for landlords

Rental properties can be an good source of investment income, but they also expose the owner to potential for significant claims.   Landlords coverages vary widely from company to company; here are some issues to consider when reviewing your coverages:

Building Coverage: Can be written on a replacement cost basis or actual cash value basis. A few companies are now offering market value. Some policies provide automatic coverage for garages and sheds, but you should check if this is a concern.

Contents Coverage: Check to see if appliances are considered contents or part of the building coverage (this varies by company). If you have other contents on the premises, be sure to add this coverage. Pay special attention to lawn tractors and maintenance equipment, particularly if you move them between locations.

Rental Income Protection: If you just carry a fire policy, it probably doesn’t provide any protection for loss of income. Most landlord’s policies do provide this important coverage, either for a specific dollar amount or a specific time period (typically 12 months). This coverage protects you if you have a fire or other covered loss and are unable to rent the property.

Liability Protection: Protects you against lawsuits brought by anyone injured on the premises. It usually includes medical payments coverage as well.

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The information in this post is general in nature, and geared toward insurance conditions in Western New York.  As always, you should speak with an insurance adviser to determine your specific insurance needs.

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