What is covered by Landlord Insurance?

Landlord’s insurance can be your best friend in need, and folks at Marla Williams Agency put together helpful policies for such times of need. When things are going well, it is easy to view the insurance payment as an expense. Still, when things go wrong, for instance, when your rental property is damaged by a tornado (common in Kansas), vandalism, or someone steals all the copper pipes from your property, the landlord’s insurance policy will help you cover the cost of rebuilding and replacing damaged items. It will also protect you against damages caused by the tenants. For instance, if the tenant starts a kitchen fire and your property is damaged, you can claim to offset the cost from your pocket.

Landlord’s insurance also carries a liability component. If a liability claim is filed against you because your tenant sustains a bodily injury or their possessions are damaged on your property, the policy will help you cover any medical bills, legal fees, as well as any judgment and settlement costs.

In the event, your property is damaged to such an extent that it becomes uninhabitable, and it will take a couple of months to repair and fix the damage, the landlord’s insurance will compensate your lost rental income. The rental reimbursement component ensures that you continue to receive the rent payment as usual.

In addition to the standard items listed above, you may need more comprehensive coverage that includes damage from natural disasters, a rent guarantee insurance, or landlord’s contents insurance that pays for your damaged personal property in a rented space. At Marla Williams Agency in Kansas, agents will professionally advise you about priority risks to include in your personalized policy to ensure that you are protected against any unforeseen loss.