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What Does Landlord Insurance Cover?
Landlord insurance is a policy for someone who rents out a home they own. This type of insurance typically includes two different types of coverage: property and liability protection. Both coverages are intended to help protect you, the landlord, from financial losses.
LANDLORD PROPERTY PROTECTION
The property protection in a landlord insurance policy typically helps cover physical property related to the home you're renting out. This may include the dwelling itself and equipment you keep on site to help maintain it. Coverage generally includes:
Dwelling: This coverage helps pay to repair your rented home, condo or apartment if it's damaged by fire, lightning, wind, hail or other covered losses.
Other structures: This part of your policy helps pay to repair detached structures on your rental property, such as detached garage or fence, if they're damaged by a covered loss.
Personal property used to service the rental: If you leave a lawnmower or snow blower onsite to maintain your rental property, landlord insurance may help cover this equipment if it's damaged. However, if you leave your personal bike or DVD player at the home you rent out, it likely won't be covered under your landlord policy.
All of the above types of coverage are subject to the deductibles and limits stated in your specific landlord policy. Your deductible is the amount you'll pay for a covered loss before your landlord insurance kicks in. A limit is the maximum amount your policy will pay after a covered loss. Each coverage typically has its own, separate deductible and limit. You may be able to set your own deductible and limit amounts for these coverages.
LANDLORD LIABILITY PROTECTION
The liability portion of a landlord insurance policy may help you pay for another person's medical bills or your legal expenses if someone else is injured on your rental property and you're found responsible.
For example, if your tenant falls down stairs at your rental property and a court determines that you failed to maintain the stairs and/or railing, you could be held responsible for your tenant's medical, legal and other costs. In that case, your landlord liability coverage may help pay for those expenses, up to your policy's limits. You typically won't pay a deductible for a liability claim.