November 3, 2020
This year has been especially difficult for renters and landlords. The loss of jobs has created a renting crisis throughout the country. However, if you have landlord insurance, you can protect yourself against the uncertainty that lies ahead. Check out these five reasons why you should have 5 landlord insurance during these crazy times.
Times have changed, and people have had to make adjustments to ensure safety. Your tenants could file a claim that you have not taken the appropriate COVID safety precautions. Maybe the bathrooms in the lobby aren’t being sanitized. Maybe your building has employees that have contracted the virus and are exposing tenants. Regardless, it’s always best to have the liability coverage that landlord insurance includes.
Loss of Rental Income
If something happens to the building and your tenants have to move to temporary housing while you get the issue fixed, you’ll still have some income. With landlord insurance in Maryland, insurance providers will reimburse you for any lost income while a building is being repaired or rebuilt. This is great since we’re seeing unprecedented weather conditions.
Helps to Pay for Legal Defense
If you happen to get in a legal dispute with a tenant, you could be looking at expense legal fees. Homeowners insurance may not cover the cost of such legal fees, but landlord insurance can. Most landlord policies will provide help with legal defense that’s a direct result of activities associated with managing rental real estate.
Protection form Tenants Who Cause Harm
Sometimes things can happen between tenants. Perhaps one of your tenants got some of your other tenants sick. When this happens, the lawyers for the plaintiffs will usually go after the landlord and you can be looking at an expensive claim. Landlord insurance will protect you from paying out of pocket.
Rent Guarantee Insurance
Some landlord insurance policies will include rent guarantee insurance. This type of coverage will be helpful if your tenants default on their rent. Keep in mind that this policy may only kick in when a tenant is evicted or abandons the rental property.
Looking for Landlord Insurance?
If you’re looking for extra coverage during this time, American Heritage Insurance has got you covered. With our wide range of affordable landlord insurance policies, we’re sure that you’ll find one that best suits your situation. Give us a call today or click here to request a quote.