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5 Reasons to Have Landlord Insurance During This Time

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.

  1. Liability Coverage

    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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

What Our Clients Say...

Over and above the time, effort and saved dollars that you put into earning our business – your careful attention to detail in getting our coverage right is what mattered the most. Thank you for educating me about the differences in coverage and for reallocating our insurance dollars to minimize our exposure while maximizing our policies.

- Eric L, President of Jeffrey Press, Inc.

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