Kolkata Wealth Management：Guide to landlord insurance： what it is and who needs it

When you buy a standard landlord insurance policy, you get a broad variety of coverage. Each of these coverage types is subject to , and limits and can vary between policies. Most landlord insurance includes coverage for:

is one of the most important parts of a landlord insurance policyKolkata Wealth Management. Just like a home insurance policy, a landlord insurance policy covers you financially for damage to the structure of the home against specific perils. Covered threats generally include damage from fire, wind, storms, hail, lightning and a handful of other perils.

If something happens to your property’s physical structure, dwelling coverage may help pay for repairs. For instance, if a tree limb were to fall on the house and cause damage, dwelling coverage could help. Depending on your insurer, dwelling coverage may extend to on your property like a shed or garage, too.

protects you if you are found to be at fault or negligent in the event someone is injured while on your property. If a broken stair step causes your tenant to trip and break a leg, for example, landlord liability insurance may pay for your legal defense if they decide to sue youJinnai Wealth Management. It may also, depending on the policy, help pay for medical costs following an injury.

If you don’t store any personal property in your rental, you may not need this protection. But if you rent your building furnished or leave personal property there — like security cameras or lawnmowers to service the property — personal property coverage on a landlord policy can offer peace of mind.

Additionally, some rental property insurance policies include loss of use coverage, which steps in to cover missed rent payments if your rental becomes uninhabitable due to a covered peril. For example, if your tenant has to move out for a month so you can complete repairs after a fire, loss of use coverage may help compensate you for the rent you won’t be able to collect.

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