August 5, 2020
As a landlord, you’ve opened up your property for other people to enjoy. You may be thinking that your homeowner’s insurance is enough. However, many landlords find out the hard way that it’s not. If you’re renting out property that you aren’t living in, landlord insurance is something you should consider getting. What is landlord insurance, and do you need it? Keep reading to find out.
What is it?
Landlord insurance protects property owners who are renting out residential homes, apartments, or condos. Depending on the insurance company, this policy can have a wide range of coverage options. Most landlord insurance policies will cover:
- Property damage
- Liability insurance
- Loss of income
You have the option of adding more coverage, and talking to a local insurance company will help you determine the best policy for you.
Do You Need It?
Although landlord insurance is not required by federal nor state law, it’s always wise to have it. You never know what can happen when you’re renting out your property. Your property, or properties, are subject to:
- Severe weather
- And more!
If you don’t have landlord insurance, you can be looking at paying thousands of dollars to fix your building or settle injury claims. It’s always better to be safe than sorry. Consider adding landlord insurance to your policy if you want to be protected against natural disasters, injuries, accidents, and other liability issues.
How Much Does it Cost?
Like most insurance policies, the cost of landlord insurance varies depending on a variety of factors such as:
- Size of property
- Geographical location
- Condition of building
- Number of rental units
The only true way of knowing how much it will cost you is to get in touch with your local insurance company and ask them for a quote. An insurance agent will assess your properties and work with you to determine the best coverage options for you based on those various factors.
Need Landlord Insurance?
If you’re looking Landlord Insurance in Columbia, MD, American Heritage Insurance is here for you. Don’t wait until something happens to your property, join the over 1,400 businesses and individual customers who have looked to us for their insurance needs. Since we represent many quality insurance carriers, we can work with you to find the best policy for you and your current situation. Call or contact us today to request a quote!