Happy New Year, Landlords! Don’t Go Another Day Without Getting the Right Landlord Insurance

landlord insurance form

The new year is here, and it’s a great time to reinvent yourself and your business. But what if you were already sabotaging your holdings and you didn’t even know it? 

If you’re a landlord and you don’t have landlord insurance, then you’re taking a big risk on every one of your tenants. That’s because if they end up causing major damage to one of your properties, you could get stuck with a huge bill. 

Care to learn more about landlord insurance and what it can do to protect you? Keep reading to get all the answers you need. 

What is Landlord Insurance? 

Our guide will walk you through the many benefits of landlord insurance. First, we need to start with the basics and answer the big question: what is landlord insurance, anyway? 

As the name implies, this is a special form of insurance designed to protect landlords. Whether you own one home that you rent out or dozens, this insurance provides the protection you need. 

Landlord insurance covers quite a bit, including theft, fire, severe weather, and other covered conditions. It also provides some robust liability protection, which can save you thousands of dollars in the event that a tenant sues you. Such protection can also pay for the medical costs that your tenants may have if they get injured on your property. 

Finally, landlord insurance provides protection against income loss in case the house is completely uninhabitable after sustaining major damage. 

The Role of Landlord Insurance 

Still wondering if you need landlord insurance? To really understand the reasons why, you need to take a step back and look at your business. 

Due to the nature of passive income, you might not always appreciate the fact that you are running a business. And that means you need to take steps to protect it just like you would any other business. 

If you were the entrepreneur behind a hot new startup, you’d protect yourself with a good business owner’s policy. Since you own rental properties instead, it’s important to understand how and why you should protect your investments with landlord insurance. 

landlord shaking hands with new tenants

What About My Tenant’s Rental Insurance? 

Some tenants may get rental insurance to protect themselves and their property. And, as a landlord, it is within your rights to require your tenants to get such insurance. But if these protections are in place, do you still need landlord insurance? 

In short: yes. That is because renter’s insurance is only designed to protect the property of your tenants. And while those protections are robust (they even protect some property well outside of the house), they offer no protection for the dwelling in the event of a major incident. 

In other words, renters’ insurance is designed to protect renters. If you’re a landlord, it’s about time you get insurance designed to protect landlords. 

Is Your Equipment Properly Covered? 

Both homeowner’s insurance and renter’s insurance offer their own protections for property within a dwelling. This may lead you to ask: what special property protections, if any, does landlord insurance have to offer? 

One of the best things about landlord insurance is that it protects equipment that you use to service the properties you own. Sometimes, this may be simple equipment such as a lawnmower. Other times, it may be complex and expensive equipment you use to address plumbing issues, HVAC issues, electrical issues, and more. 

In the event of a fire or a severe weather incident, repairing the home will be annoying and time-consuming. But with landlord insurance, you can protect both the home and even the equipment needed to keep the home in working order. 

Is Landlord Insurance Going To Be Expensive? 

We’ve focused quite a bit on the benefits of landlord insurance. And now, you’re probably pondering another big question: is this going to get very expensive? 

As with any other type of insurance, there is no “one size fits all” policy. So the exact amount your policy would cost is dependent on factors ranging from how big the house is to where it’s located. And, of course, how expensive it would be to replace. 

However, this insurance is typically much more affordable than most landlords imagine. And this coverage is far, far more affordable than having to pay for major damage to your properties out of pocket. 

Is There Any Way to Lower the Premium? 

It is up to the insurance carrier to determine the exact cost of your landlord insurance. But this means that you can potentially negotiate with the carrier and get an even lower rate. 

For example, one way you can typically lower the cost of your premium is by installing certain security features (such as burglar alarms and porch cameras). To the insurance carrier, this significantly reduces the risk of break-ins and intruders and allows them to give you a better quote. 

And since these security features help to keep both your property and your tenants safe, installing them is a real “win/win” for any landlord. 

Are There Any Downsides to Landlord Insurance? 

One of the reasons we are so enthusiastic about landlord insurance is that there is no real “downside” to it. Because at the end of the day, landlord insurance is a lot like car insurance. 

Initially, nobody likes to pay their car insurance premium. You may even think it’s a waste of money. But as soon as you get into a car accident and your policy repairs or replaces your car, you can see the value. And a small monthly premium pales in comparison to paying thousands for every little fender bender. 

Like automobile insurance protects your car, landlord insurance protects your properties. And because these are likely your most expensive investments, it’s essential to make sure everything is covered. 

Get the Best Landlord Insurance Today! 

Now you know why landlord insurance is so important. But do you know where to get the protection you deserve? 

At InsureOne Insurance, we are always ready for you to get a quote online. Alternatively, you can pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to come into one of our convenient nearby offices at your earliest convenience!